Chelsea Therapeutics, Inc. Rises as Northera Wins FDA Panel Backing; Stock Up +1.41(58.51%) @ 12:49PM EST

Chelsea Therapeutics International Ltd. gained 74 percent in early trading after the company’s drug to treat a condition that can cause dizziness in people with central nervous system disorders won the backing of a U.S. advisory panel. Chelsea Therapeutics rose $1.79 to $4.20 as of 7:13 a.m. New York time. The shares of the Charlotte, North Carolina-based company had fallen 43 percent in the 12 months before today. The panel voted 7-4 yesterday in Silver Spring, Maryland, that the treatment called Northera, potentially the company’s first on the market, should be approved. The Food and Drug Administration is scheduled to decide whether to clear the drug for sale by March 28. The agency doesn’t have to follow the panel’s recommendation.