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Vanda Pharmaceuticals up 40 Percent. Here’s Why (VNDA)

Biotech company, Vanda Pharmaceuticals (NASDAQ: VNDA) is up more than 40 percent Tuesday on optimism that it’s sleep disorder drug, tasimelteon, may come to market sooner than expected.

In the filing, the company said that the FDA has granted priority review to tasimelteon, a drug indicated for the treatment of a rare sleep disorder called, ‘non 24-hour disorder. The condition currently has no approved treatment.

The condition doesn’t allow the body’s clock to set to a 24 hour sleep cycle and affects a majority of blind people.

The drug was tested in two late-stage trials where it worked better than a placebo in resetting the rhythm of a hormone that controls sleep cycles.

The FDA will announce its decision no later than January 31.

[stock-tools exchange="NASDAQ" symbol="VNDA" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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