Shares of Irvine eye drug maker Ista Pharmaceuticals Inc. soared Wednesday after the Food and Drug Administration approved its allergy eye drop.
Ista’s shares were up as much as 10% earlier before settling up 2% at the close of trading on a market value of about $195 million.
Ista’s shares also rose 14% in afterhours trading on Tuesday, when the approval was announced late in the day.
Ista said it expects to have Bepreve available in this year’s fourth quarter.
Ista Chief Executive Vince Anido said the drug maker will speed up launch activities for Bepreve, including hiring more salespeople.
Ista also hiked its 2009 sales guidance to $104 million to $107 million, up from a previous forecast of $95 million to $100 million.
Analysts had been expecting Ista to have sales of $99.8 million this year.
Ista got the rights to Bepreve in 2006 from Japan’s Senju Pharmaceutical Co. Ista also has the rights to develop Bepreve for nasal allergies.
