Transcept Pharmaceuticals might be a new face on the Nasdaq stock market, but since gaining a listing through the reverse merger of Novacea in February shareholders have had little to complain about.
A rally that saw the share price double over the last three months accelerated yesterday when the company announced a marketing deal with Purdue over its novel insomnia treatment, Intermezzo, which included a $25m upfront payment. Transcept stock leapt 42% in response to close at a record high of $8.22. If the FDA grants approval for Intermezzo on time - a PDUFA date of October 31 has been set - the company could get a further $30m, an event that will no doubt mean further gains for investors.
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