Cubist shares soar
Cubist Pharm. says it will submit new drug application for new antibiotic.
March 7, 2002: 4:00 p.m. ET
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NEW YORK (CNN/Money) - Shares of Cubist Pharmaceuticals Inc. rose more than 25 percent Thursday after the company said it is prepared to file a New Drug Application for its antibiotic Cidecin.
Cubist said it has received correspondence from the U.S. Food and Drug Administration indicating that the NDA for Cidecin would be reviewed and accepted.
If approved, the Lexington, Mass.-based company said it would launch the drug in 2003.
Cidecin is the first in a new class of antibiotics, lipopeptides. Cubist is first seeking approval for the drug to treat skin and soft tissue infections, but the company is also conducting Phase III clinical trials for the drug's treatment of community-acquired pneumonia and other infections.
Cidecin would be the first drug on the market for Cubist. The company plans to market the drug itself in the United States, and has a partnership with Foster City, Calif.-based Giliad Sciences Inc. (GILD: down $1.36 to $71.84, Research, Estimates).
Cubist is also negotiating for a partner to market the drug in Japan. 
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