(Reuters) - Canadian biopharmaceutical company Transition Therapeutics said the U.S. Food and Drug Administration granted a fast-track status to its Alzheimer's drug, sending its U.S.-listed shares up 33 percent in post-market trading.
Don't miss these Health stories
More women opting for preventive mastectomy - but should they be?
Rates of women who are opting for preventive mastectomies, such as Angeline Jolie, have increased by an estimated 50 percent in recent years, experts say. But many doctors are puzzled because the operation doesn't carry a 100 percent guarantee, it's major surgery -- and women have other options, from a once-a-day pill to careful monitoring.
- Larry Page's damaged vocal cords: Treatment comes with trade-offs
- Report questioning salt guidelines riles heart experts
- CDC: 2012 was deadliest year for West Nile in US
- What stresses moms most? Themselves, survey says
- More women opting for preventive mastectomy - but should they be?
A fast track designation by the FDA expedites regulatory review of drugs that aim to treat serious diseases and fill unmet medical needs.
The drug, ELND005, currently being tested in a mid-stage trial, treats neuropsychiatric symptoms such as agitation or aggression in Alzheimer's disease.
Transition Therapeutics said the drug appeared to decrease the emergence and severity of specific neuropsychiatric symptoms in a previous mid-stage study.
About 90 percent of Alzheimer's patients develop neuropsychiatric symptoms and up to 60 percent develop agitation over the course of their disease, the company said.
Ireland-based Elan Corp Plc is Transition's marketing and development partner.
Transition Therapeutics' Toronto-listed shares closed at C$3.15 on Wednesday.
(Reporting by Krithika Krishnamurthy in Bangalore; Editing by Sriraj Kalluvila)
(c) Copyright Thomson Reuters 2013. Check for restrictions at: http://about.reuters.com/fulllegal.asp