ThromboGenics says main drug cleared for U.S. launch

BRUSSELS (Reuters) - ThromboGenics said on Thursday that U.S. health regulators had approved the use of its main drug, eye treatment Jetrea, clearing the way for the Belgian biotech company to start making profits.

The company said the U.S. Food and Drug Administration had cleared use of the drug, also known as ocriplasmin, for treatment of symptomatic vitreomacular adhesion, an aging-related pulling on the retina that can cause loss or distortion of vision.

Jetrea is the first drug for this disorder.

ThromboGenics plans to launch Jetrea in the United States in January 2013.

In March, ThromboGenics sold the rights to the drug outside the United States to Novartis AG's ophthalmic division, leading to potential milestone payments of 375 million euros ($492.0 million).

ThromboGenics' shares have risen 96 percent in the year to date and by 61 percent in the last three months alone, helped by an FDA panel's recommendation in July that Jetrea be approved.

They closed on Wednesday at 37 euros, compared with the 4.80 euro per share price they first traded in July 2006.

Belgian biotechs have surged over recent months.

The company last made a profit in 2008, following an upfront payment by Roche for an antibody to fight cancer.

ThromboGenics is investigating ocriplasmin for use in other eye-related indications and has a further drug candidate at a pre-clinical stage of tests in ophthalmology and oncology.

($1 = 0.7621 euros)

(Reporting by Philip Blenkinsop; editing by Barbara Lewis)

Source: http://news.yahoo.com/thrombogenics-says-u-authorities-clear-main-drug-051811829--finance.html

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