| The shares of obesity drug developers rose Tuesday as the Food and Drug Administration said a weight loss drug developed by Vivus could be effective. Qnexa is the first of several new weight loss drugs to come under FDA review and Wall Street has been following development of several potential treatments to gauge future competition. Shares in Vivus Inc. ( VVUS - news - people ) rose $1.33, or 12 percent, to $11.98 in early trading.A panel of FDA experts will review Qnexa on Thursday. The agency released briefing documents early Tuesday raising concerns about safety issues with the drug. It said reviewers should take into account rates of depression, memory and concentration lapses, and heart-related issues, among others. All of those side effects, however, were anticipated. The primary points that we believe will be the focus of the panel are heart rate and cognitive events, but we continue to believe that the benefit of Qnexa and the favorable safety profile provide a compelling argument for approval," said JMP Securities analyst Jason N. Butler, in a note to investors. Rival companies also got a boost from the FDA action this week on Vivus.Shares of Arena Pharmaceuticals Inc. ( ARNA - news - people ) rose 25 cents, or 6.6 percent, to $4.04. The stock has traded between $2.70 and $5.93 over the last 52 weeks. Arena's weight loss drug lorcaserin is set for an FDA panel review in September. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice. |
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