Shares of Amylin Pharmaceuticals Inc., a biopharmaceutical company focusing on the discovery, development and commercialization of drug candidates for the treatment of diabetes, obesity and other diseases, are soaring in today’s trading after the company’s diabetes drug received wider approval.
Amylin shares rose to an intra-day high of $11.80. At last check, the stock was trading 8.20% higher at $11.08, with volume up from daily average of 1.43 million to 2.68 million.
On Wednesday Amylin said that the U.S. FDA approved wider use of Byetta in combination with Sanofi Aventis’ Lantus. Byetta is the company’s drug for type 2 diabetes.
Christian Weyer, M.D., senior vice president, Research and Development at Amylin, said that since 2005, when Byetta was approved as the first-in-class GLP-1 receptor agonist, the company continued to investigate its usefulness for patients across the broad spectrum of type 2 diabetes.
Amylin shares are also gaining momentum after the company reported lower-than-expected loss for the third quarter of 2011. The company reported a loss of $(0.09) per share for the quarter, compared with analysts’ estimate of a loss of $(0.14) per share. For the same period in 2010 the company reported a loss of $(0.35) per share.
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