Targanta Therapeutics up 21% after seeking marketing approval for antibiotic

Targanta Therapeutics Corporation (Nasdaq:TARG) shares shot up more than 21% after the company announced Thursday it was seeking approval for marketing a broad-spectrum antibiotic in the European Union. The Cambridge, Mass.-based biopharmaceutical company said it is hoping to have the intravenous oritavancin treatment available in the EU by late 2009. The European Medicines Agency accepted the antibiotic, which the company said is effective in treating complex skin and soft tissue infections, for review after the medicine had undergone 19 clinical trials. Shares of Targanta were up 21.9% Thursday at $6.95 apiece.

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