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CHTP Stock – Chelsea Therapeutics Passes FDA Test, Stock Skyrockets

An FDA panel voted strongly to support a blood pressure drug


A report that suggested impending approval of a drug from Chelsea Therapeutics International (CHTP) sent CHTP stock vaulting more than 110% in Wednesday morning trading.

Prescription pills bottle
Source: Flickr

The U.S. Food and Drug Administration (FDA) declined to approve Northera, CHTP’s blood pressure treatment, in 2012. CHTP resubmitted the drug in September. A research note from analysts at Wedbush indicated that an FDA advisory panel recently voted 16 to 1 to support the drug, the Wall Street Journal noted.

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The advisory panel’s vote is not binding on the FDA, which had previously found technical problems with the drug’s data. However, Wedbush predicted that Northera had a 65% chance of receiving FDA approval by Feb. 15.

Between March and the end of December, CHTP stock had rise more than 160%. CHTP stock traded over $4 a share on Wednesday morning.

Article printed from InvestorPlace Media,

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