Furiex Pharmaceutials Looking For Potential Buyer

Furiex Pharmaceuticals FURX is looking for potential buyer, as its experimental drug is seeing success and is meeting its targets.

According to Bloomberg, Furiex is currently working with Bank of America to find a potential buyer. Shares are currently trading lower by about $1.46 or 1.48 percent to $97.04. Within a month, shares have climbed nearly 126.71 percent after clinical trials and test were exceptionally promising. Shares of the company were up almost up 10 percent, before plummeting back down to $100 per share.

Furiex is reportedly looking for a strategical buyer and believes that there is now less risk involved in the drug and in the company itself. The medicine that Furiex sells has now met targets in the United States and Europe.

The drug that has brought Furiex investors success is Elexadoline, which alleviates diarrhea and abdominal pain. On February 4, Furiex stated that it would apply for approval of its drug from the United States Food and Drug Administration; shares skyrocketed that day bringing the stock up approximately 130 percent in a single day.