Lannet Company Announces FDA Approval Of Nasal Spray, Shares Tick Higher

Shares of

were trading higher by more than 1 percent on Monday after the company announced that it has received approval from the U.S. Food and Drug Administration (FDA) for its nasal spray. Lannet Company noted that the FDA granted an Abbreviated New Drug Application (ANDA) for its nasal spray, Sumatriptan. The company added that its product is the therapeutic equivalent to

's Imitrex nasal spray. "We believe our Sumatriptan Nasal Spray USP, 5 mg/spray and 20 mg/spray will be a first-to-market generic product," said Arthur Bedrosian, chief executive officer of Lannett. "Producing nasal delivery medications requires unique expertise and facilities that few possess. Our Sumatriptan Nasal Spray product was developed by Summit Biosciences Inc. and will be manufactured at its state-of-the-art facility located on the University of Kentucky's Coldstream Research Campus. We expect to commence marketing the product in the next several months."