Corcept Therapeutics Pops 61% After Friday's FDA Approval

Shares of Corcept Therapeutics

are seeing much strength during Tuesday's pre-market session after the FDA approved its drug on Friday. The U.S. Food and Drug Administration approved Korlym (mifepristone 300 mg tablets) as a once-daily oral medicine to control hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome who have diabetes mellitus type 2 or glucose intolerance and have failed surgery or are not candidates for surgery. The clinical data supporting the FDA approval of Korlym resulted from an uncontrolled, open-label, multi-center, 24-week phase III study of 50 patients who had endogenous Cushing's syndrome and were either not eligible for or had relapsed from surgery and were either glucose intolerant (29 patients) or had hypertension (21 patients). Corcept will be the sole marketer of Korlym. Currently, shares of Corcept Therapeutics are trading about 60% higher, at $4.85 per share.