Acorda Therapeutics (ACOR - Get Report) reported positive clinical trial results for a treatment for Parkinson's disease, sending its stock soaring. The company plans to file for U.S. marketing approval for the drug, known as CVT-301, in the second quarter, pending results of two long-term safety studies.
Acorda also said a European regulatory filing will be submitted by the end of the year.
Acorda's drug treats Parkinson's patients experiencing muscle stiffness and tremors. The company estimates that, if approved, the drug could deliver $500 million in U.S. sales.