Shares of Hawthorne-based drug company Acorda Therapeutics Inc. rose this morning on news that federal regulators will make it a priority to review an application to market a drug for multiple sclerosis.
Acorda shares were trading at $24.59, up $5.09, or 26.1 percent, at 10:25 a.m.
The company said the U.S. Food and Drug Administration has assigned “priority review” status to its application for Fampridine-SR, a drug that would help people with multiple sclerosis walk.
The FDA hopes to complete its review of the application by Oct. 22.
The company first submitted the application on Jan. 30. But on March 30, the FDA said there were “format issues” with the application and requested more information. The company resubmitted the application on April 22.
Acorda also said this morning it lost $18.7 million, or 50 cents a share, in the first quarter, compared to a loss of $16.4 million, or 54 cents a share, in last year’s first quarter.