Pfizer

(PFE) - Get Report

and

Eyetech Pharmaceuticals

(EYET)

see potential in Macugen, announcing Thursday they completed a new drug application with the Food and Drug Administration to use the drug to treat macular degeneration.

The FDA has given Macugen fast-track status as a potential treatment for wet age-related macular degeneration, the leading cause of severe vision loss in people over 50.

The drug, a collaboration between Pfizer and Eyetech, was also entered into the Pilot 1 program, which allows the FDA to approve the drug within six months and give early feedback to speed along the process.

The news is extremely beneficial to Eyetech, where Macugen is a core product and is currently being tested to treat a number of degenerative eye conditions.

In reaction, shares of Eyetech jumped $1.26, or 2.9%, to $45.15, while shares of Pfizer rose 12 cents, or 0.3%, to $35.10.

Recently, the FDA announced that one of its advisory committees will review the drug on Aug. 27 and make recommendations to the FDA on whether Macugen should be approved.

Novartis'

(NVS) - Get Report

treatment Visudyne was approved in 2000.