Vanda (VNDA) Stocks Soar as company gets FDA Approval for Schizophrenia Drug

Vanda Pharmaceuticals Inc (VNDA) announced Wednesday that U.S. health regulators has approved its treatment for schizophrenia. The announcement has sparked an eight-fold rise in the price of its shares.

Vanda (VNDA) Gets FDA Approval

Vanda (VNDA), makers of the controversial schizophrenia drug Fanapta, or iloperidone, had the drug approved for use by the FDA on the condition that it will include a boxed warning label, just like other atypical antipsychotic classes of drugs. The FDA said the warning must advise doctors and patients about increased risk of death, if the drug is not properly used for behavioral problems in older people with dementia-related psychosis.

Vanda (VNDA) Stocks Soar

Shares of Vanda Pharmaceuticals Inc (VNDA), a Rockville, Maryland based company, soared to $8.00 per in after hours trading Wednesday after closing at $1.08 on Nasdaq.