Drug receives Canadian approval
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- April
- 1
Progenics Pharmaceuticals Inc. and Wyeth Pharmaceuticals have received approval from Canadian regulators to market the Relistor constipation drug that was developed by the companies under a three-year partnership.
The approval of Relistor by Health Canada, the Canadian drug regulatory agency, marked the first approval of the medication in any country.
“Progenics is proud to share this achievement with the Wyeth team, who have been instrumental in advancing this important new product to market,” said Paul J. Maddon, chief executive officer at Progenics.
Relistor, an injectable drug designed to treat constipation caused by painkillers, is a key product for Progenics, a biotechnology company based in Eastview. Shares of Progenics surged more than 11 percent in trading on the Nasdaq Stock Market on the news of the Canadian approval.
“We now await a decision from the U.S. Food and Drug Administration by the end of April on Relistor,” Maddon said. “In addition, we and Wyeth continue to work with the European and Australian regulatory authorities to expand the availability of Relistor.”
Wyeth, based in Madison, N.J., said that it expects that Relistor will be launched and available to Canadian patients in Canada in about 60 days. Wyeth and Progenics partnered in 2005 to jointly develop and sell the medication.
This entry was posted
on Tuesday, April 1st, 2008 at 12:22 pm by Jay Loomis.
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