Barr Lab Shares Soar On New Drug
Barr Laboratories Inc. became the first drug manufacturer to gain federal approval to sell a pill in the United States designed to prevent pregnancy within 72 hours of sexual intercourse, the company said Wednesday.
News of the approval sent the stock soaring 4 9/16 to 30 5/16.
According to Barr (BRL), the contraceptive pill, co-developed with Gynetics Inc., was approved for sale by the Food and Drug Administration and should be available by prescription within weeks.The product, called the Preven Emergency Contraceptive Kit, will not affect existing pregnancies, the company said.
"The approval of Preven marks a significant milestone for women's reproductive health and for our company," said Bruce L. Downey, Barr's chief executive, in a statement. "Together with Gynetics, we have answered the FDA's call for a safe and effective contraceptive option that can help prevent the incidence of unwanted pregnancies and reduce abortions."
Barr Laboratories develops, makes and markets generic and proprietary pharmaceuticals.
Written By Jeffry Bartash