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Acorda Gains Momentum (NASDAQ:ACOR)

By Jyotsna Ramani on 10/16/2009 – 10:09 am PDTLeave a Comment

Acorda Therapeutics had a not so very good Wednesday morning with NASDAQ halting their trading on the stock market as the review by the Food and Drug Administration panel was due. However, in the late afternoon, the FDA Peripheral and Central Nervous System Drugs Advisory Committee voted in the favor of the drug developed by Acorda Therapeutics. The news about the approval of the new multiple sclerosis drug Fampridine-SR brought good news to Acorda Therapeutics as the shares of Acorda soared up sharply in the morning trading itself and currently the shares are 47.25 percent above from what it was on Tuesday closing time.

Acorda Therapeutics had waited for a long time to get their reviews from the FDA panel, and a few weeks ago, the FDA advisory committee had raised questions regarding the low effectiveness and high seizure risks through Fampridine-SR which had kept many investors and analysts thinking whether they should go ahead and trade Acorda’s shares in the market. However, now that the FDA has clearly voted in the favor of Acorda’s Fampridine-SR (Amaya), investors are trading maximum to take advantage of this situation. Acorda’s new drug called Amaya improves the walking ability of patients who are suffering from multiple sclerosis.

On Wednesday, the FDA experts voted 12 to 1 in the favor of Acorda’s Fampridine-SR clearing the way for the new drug for patients suffering from multiple sclerosis. Though FDA still has to give out their final decision on October 22 about Fampridine-SR and how Acorda Therapeutics need to handle the labeling and commercialization of their new drug along with the risk management plans. Biogen Idec also breathe a sigh of relief after the decision by the FDA was announced as they had already licensed the drug earlier in this year in a deal worth a total of US$ 510 million.

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