Aratana Therapeutics Spiked 25%: Here's What You Need To Know
Shares of Aratana Therapeutics Inc (NASDAQ: PETX), a pet therapeutics company that commercializes bio-pharmaceutical products for companion animals, were trading higher by more than 25 percent early Tuesday morning before returning some of the gains.
Aratana Therapeutics announced after Monday's market close it has filed an administrative New Animal Drug Application (NADA) with the U.S. Food and Drug Administration's Center for Veterinary Medicine (CVM) for its Galliprant therapy that treats the control of pain and inflammation in dogs with osteoarthritis.
Aratana Therapeutics added that the Animal Drug User Fee Act (ADUFA) date for approval is set for March 25 and the company expects commercial availability of the therapy to be available in fall 2016.
"If approved, Galliprant will offer veterinarians a new option to treat dogs with osteoarthritis pain," explains Ernst Heinen, DVM, PhD, Chief Development Officer of Aratana Therapeutics. "This submission marks the beginning of what we expect will be a momentous year for Aratana."
Shares traded recently at $3.48, up 9.1 percent in the pre-market session.
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