LONDON (Reuters) – BTG’s Varisolve treatment for varicose veins has been accepted for review by the U.S. Food and Drug Administration, putting it on track for potential approval and launch during the first half of 2014.
The specialty pharmaceutical company is relying on the injectable, foam-based treatment to consolidate its transformation from a company that buys up patents and licenses them out into one marketing its own products.
BTG, which said on Friday that standard FDA review timelines suggested a decision in the first half of next year, has previously said global sales of Varisolve could reach $500 million a year.
Shares in the British group, which also sells snake anti-venom and enjoys royalties from Johnson & Johnson’s prostate cancer drug Zytiga, were 1 percent higher by 0715 GMT.
(Reporting by Sarah Young and Ben Hirschler; Editing by Rhys Jones and David Cowell)