MDRNA gets FDA approval for Osteoporosis Nasal Spray
MDRNA Inc. said the U.S. Food and Drug Administration (FDA) has approved its application for a nasal spray for treating osteoporosis and that the product will be sold by the Bothell biotech’s partner, Par Pharmaceutical Companies Inc.
Shares in MDRNA (NASDAQ: MRNA) soared in Tuesday trading, rising more than 75 percent, rising $1.16 to close at $2.70.
MDRNA originally developed the calcitonin-salmon nasal spray when the company was known as Nastech Pharmaceutical Co. in the early 2000s and the company signed a deal with Par five years ago to market and sell the product.
“Revenue generated from the sale of calcitonin-salmon by Par will provide us with working capital to help advance our RNAi programs,” said J. Michael French, president and CEO of MDRNA, in a statement.
June 10, 2009