SHARES in British pharmaceutical firm BTG jumped yesterday after it said US regulators had approved its varicose vein treatment that uses an injectable foam to dissolve the veins as an alternative to surgical removal.
Varithena, previously known as Varisolve, has taken more than a decade to win approval, as the company had to answer concerns that the active agent in the product polidocanol could enter the bloodstream.
The company, which had expected a decision from the Food and Drug Administration (FDA) in the first half of next year, has previously said global sales of Varithena could reach $500m (£418.6m) a year.
Chief executive Louise Makin said yesterday that the product would set a new standard for the treatment of both the symptoms and appearance of varicose veins.
“We look forward to the commercial US launch in the second quarter of 2014, and to continuing to advance our plans to expand use into other geographies and into non-symptomatic veins,” she said.
Shares in BTG, which also has interventional treatments for cancer and niche anti-poison drugs, rose to a more than 11-year high of 527.5p after the announcement, before closing at 522p.
City A.M. Reporter