D.C.-based saw its stock jump after a drug was approved by the Food and Drug Administration to be used as a treatment for bipolar disorder.
Fanapt, developed by Vanda, was previously FDA-approved in 2009 for the treatment of schizophrenia.
It is now approved for the treatment of manic or mixed episodes associated with bipolar I disorder in adults 鈥� a disorder that affects approximately 2.8% of the U.S. adult population, according to a 2007 Harvard Medical School survey.
At 83%, a majority of the cases are classified as severe, according to the survey.
FDA approval followed a 400-patient study measuring treatment outcomes over a four-week period.
Fanapt is one of two commercially-approved drugs for Vanda Pharmaceuticals. The other, Hetlioz, is used to treat sleeping disorders.
The company has a number of experimental drugs in its pipeline, including those for treatments of jet lag, sea sickness and stage fright.
As of 10 a.m. Wednesday, $2.06 to $5.97 per share, a gain of 53%.
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