Updated from 1:20 p.m. with closing price information.
NEW YORK (TheStreet) -- Shares of Avanir Pharmaceuticals (AVNR) soared to a 52-week high of $13.09 on Monday after the company announced positive phase II trial results for AVP-923 in treating agitation in patients with Alzheimer's Disease.
AVP-923, also known as Neudexta, combines the over-the-counter cough suppressant dextromethorphan with generic quinidine, which is often used to control heartbeats. Avanir already markets Neudexta to treat mild cases of uncontrollable laughing and crying in patients with psuedobulbar affect.
Neudexta sales totaled $75 million last year and are on pace to eclipse $100 million in 2014. Avanir's market cap is nearly $2 billion after Monday's stock boost.
For more on this story, read TheStreet's Adam Feuerstein's article here.
The stock closed up 85.31% to $12.49. More than 87.4 million shares changed hands, compared to the average volume of 2,149,100.
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