By Colin Kellaher

Shares of Vanda Pharmaceuticals rose sharply in premarket trading Tuesday after the biopharmaceutical company said the U.S. Food and Drug Administration accepted its application seeking approval of tradipitant for the treatment of symptoms of the digestive condition gastroparesis.

After the closing bell Monday, Vanda said the FDA set a target action date of Sept. 18, 2024, for the application.

Vanda said an FDA green light would make tradipitant the first novel drug approved by the agency in more than four decades for gastroparesis, which prevents the stomach from emptying properly.

Vanda shares, which closed Monday at $3.85, were recently up nearly 19% to $4.57 in light premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 05, 2023 06:08 ET (11:08 GMT)

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