Schizophrenia drug maker Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) said its Marketing Authorization Application (MAA) has been accepted by the European Medicines Agency.
The Rockville, Md biotechnology company which won a surprising approval for its Fanapt (Iloperidone) schizophrenia drug in May 2009 is trying to sell the oral version of the drug in the European Union.
"The submission in the European Union is an important milestone towards advancing the iloperidone franchise," said Mihael H. Polymeropoulos, M.D., Vanda's President and CEO. "This continues our efforts to expand the availability of Fanapt® to markets outside the U.S. and Canada."
With its partner Novartis Pharmaceuticals Corporation, Vanda sells Fanapt in the U.S. and Canada.
Vanda Pharmaceuticals traded at $7.15, up $.02 cents from the previous close with a market capitalization of approximately $200.1 Million.