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.
treatment Visudyne was approved in 2000.