Shares of Teligent Inc. (TLGT) - Get Report were up 2.5% to $8.71 in premarket trading on Friday, July 21, after the Buena, N.J.-based firm secured approval from the U.S. Food and Drug Administration for its abbreviated new drug application for Erythromycin Topical Gel USP, 2%.
The company plans to launch the product in the third quarter, said Teligent president and CEO Jason Grenfell-Gardner in a statement.
This marks the third FDA approval received by Teligent this year and the 14th from its internally-developed pipeline of topical generic pharmaceutical medicines. In March, Taligent announced FDA approval of Triamcinolone Acetonide Ointment USP, 0.5% and Clobetasol Propionate Gel, 0.05%.
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