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Vivus is the 2nd pharma company to have a diet drug approved in 13 yrs. |
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Released on Tuesday, July 17, 2012, 11:00 PM ET
Pittsburgh, PA (SpeculatingStocks) - Vivus (NASDAQ:VVUS) is a biopharmaceutical company dedicated to developing therapies to address obesity, sleep apnea, diabetes, and male sexual health. Addressing obesity has been a tough area as only one diet drug before today has been approved by the FDA in 13 years.
Today, VVUS hit the jackpot with their Qsymia diet drug being approved by the FDA. In trials, Qsymia patients showed a 6.7 percent body weight drop over a year, while another study showed an 8.9 percent drop. Some analysts are estimated that Qsymia could potentially generate $1 billion in sales by 2016.
VVUS has been on somewhat of a tear this year, moving from around $10 at the beginning of the year to as high as $29.99 recently. VVUS is trading at a market cap of $2.64 billion and it has now shown that they can get a drug through FDA approval.
As of the end of March 30, 2012, VVUS had over $333 million in cash, cash equivalents and short-term investments on the balance sheet and no long-term debt and total liabilities of only around $13.0 million.
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