Osmotica Pharmaceuticals OSMT 25.29% surged Friday, ending the day up 25.3% to close at $8.77 per share.
What Happened? On Thursday afternoon, Osmotica reported the FDA approved their flagship drug Upneeq. This approval sent shares up as high as $9.37 on Friday.
Upneeq is now the only FDA approved treatment for acquired blepharoptosis.
Why It’s Important: Upneeq is used as a treatment for those with ptosis. Ptosis is associated with droopy eyelids and affecting the full field of vision.
It’s estimated ptosis affects over 11% of adults over the age of 50 in the United States and countless others in other countries around the world. Osmotica hopes to sell Upneeq commercially in the next month.
Osmotica also produces methylphenidate, which is used to treat ADD, but sales of methylphenidate were down 60% year-over-year in the first quarter. Revenue totals for Osmotica was a reported total of $48.6 million, a decrease from $57.1 million from the first quarter of 2019.
What’s Next? Upneeq is Osmotica’s competitive advantage on the market right now and its market share is currently uncapped as the only FDA approved drug. They continue to work with partners outside the U.S. for international distribution.
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