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Vanda files for approval of sleep disorder drug

WASHINGTON (AP) -- Vanda Pharmaceuticals has filed for marketing approval of tasimelteon, which is designed to treat a sleep disorder that affects blind people.

The drug is intended to treat a condition called non-24-hour disorder. Patients can't synchronize their bodies with the 24-hour cycle because they can't detect light.

The company says between 65,000 and 95,000 people in the U.S. have non-24-hour disorder, and there are no approved drugs to treat the condition.

Shares of Vanda Pharmaceuticals Inc. closed at $9.20 on Thursday, and gained 54 cents, or 5.9 percent, to $9.74 in premarket trading. That put the stock on pace to open their highest price in more than two years.