received Food and Drug Administration approval for Cesamet, an oral treatment for chemotherapy-induced nausea and vomiting.
The capsule, which consists of a synthetic cannabinoid drug related to the active ingredient in marijuana, is intended to treat patients who have not responded to traditional medications.
Lilly Gets FDA Breakthrough Status for Alzheimer's Drug
Eli Lilly received FDA breakthrough status for its donanemab Alzheimer's drug, speeding the agency's review of the product. The shares are higher.
Bed Bath & Beyond Leaps on Bank of America Upgrade, Fading 'Meme' Interest
BofA analyst Curtis Nagle says Bed Bath & Beyond shares are trading closer to their pre 'meme mania' levels, and represent good retail sector value.
"There is a need for cannabinoids, such as Cesamet, for patients who have exhausted conventional treatments but are still coping with the debilitating side effects of chemotherapy," said Dr. Neal Slatkin, director of the department of supportive care, pain and palliative medicine at City of Hope National Medical Center in Duarte, Calif.
Cesamet, which works differently than other anti-nausea drugs, has a longer duration of action, the company says, which allows for less frequent dosing compared to other drugs. Cesamet would typically be taken twice a day.
Valeant acquired Cesamet from pharmaceuticals giant
Last year, Valeant entered an agreement with
for Cesamet promotion in the United States. Valeant expects to launch the drug within the next several weeks.
Valeant shares were up 17 cents, or 1%, to $17.07, while shares of its marketing partner Par were up 76 cents, or 3.4%, to $23.15 Tuesday.