U.S. Markets close in 5 hrs 20 mins

Flamel Tech rises to annual high on drug approval

NEW YORK (AP) -- Flamel Technologies SA said Monday that the Food and Drug Administration approved its drug Bloxiverz, which is designed to reverse the effects of paralyzing drugs used during surgery.

U.S. shares of Flamel gained 84 cents, or 17.3 percent, to $5.66 in afternoon trading after hitting a two-year high of $5.83 earlier in the session.

Bloxiverz is designed to reverse the effects of certain types of neuromuscular blocking agents. Those drugs are used to stop muscle movements during surgery or to allow the insertion of breathing tubes. Flamel said Bloxiverz is designed to be administered intravenously in the operating room to reverse the effects of the drugs. The French drug developer said it expects to launch the drug in July.

The active ingredient is neostigmine, and Flamel said Bloxiverz is the first Food and Drug Administration-approved version of the chemical. The company said other versions of neostigmine are available because they are grandfathered in under federal regulations.

Flamel reported $32.6 million in revenue in 2012, up 25 percent from the previous year. However, most of that revenue came from payments for licensing, royalties, and research. Revenue from product sales totaled $13.4 million for the year.