Biodel (NASDAQ:BIOD) Jumps on Acceptance of VIAject Diabetes Treatment for FDA Review

Shares of Biodel (NASDAQ:BIOD) are trading 12% higher to $4.47 Monday after the company said the U.S. Food and Drug Administration has accepted for review its new-drug application seeking approval to market its VIAject diabetes treatment, a recombinant insulin that is designed to be absorbed into the blood faster than currently marketed fast-acting insulins.

In late December when Biodel submitted VIAject for FDA review, Chairman and CEO Sol Steiner said the company's studies showed that patients who received VIAject had "faster reductions in blood-glucose activity, reduced risks of hyperglycemia and hypoglycemia and less weight gain than patients who received recombinant human insulin."