("FDA Panel Recommends Use Of Alexza Pharma's Bipolar Treatment" on Dec. 13 and an earlier story on Jan. 18 misstated that Valeant Pharmaceuticals International Inc. is currently a commercial partner for the drug. A corrected version follows:)
Alexza Pharmaceuticals Inc. (ALXA) said a U.S. Food and Drug Administration panel has recommended that its schizophrenic and bipolar disorder treatment be approved for use.
Shares were recently up 76% to $1.10 as the company's chief executive called the panel's recommendation "another step forward" for the drug's development.
Alexza in August said it refiled its new drug application for the treatment, adding new data and sections that aimed to address safety concerns raised by the agency last year.
"If approved, we believe Adasuve represents a valuable treatment option for patients and physicians alike. We look forward to continuing to work toward our goal of bringing Adasuve to market in 2012," said Chief Executive Thomas B. King.
Alexza last month reported its third-quarter loss widened sharply from a year earlier as it recorded higher research and development expenses and a loss on a contingent liability.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207; email@example.com