Discovery Laboratories higher as FDA agrees to review drug

Shares of Discovery Laboratories Inc. (Nasdaq: DSCO) have found their way into positive territory on news before the start of trading that its drug has been accepted by regulators.

The U.S. Food and Drug Administration has accepted Discovery Laboratories’ submission of the drug Surfaxin, a possible prevention for respiratory distress syndrome in premature infants, the Warrington, Pa.-based company said in a press release. The FDA set May 1, 2008 as the target date for the completion of its review of Surfaxin’s new drug application.

Infant respiratory distress syndrome afflicts premature infants and is characterized by structural immaturity in the lungs. The disease affects about 1% of newborns and is the leading cause of death in prematurely born children.

At 3:37 p.m. ET, shares of Discovery Laboratories (dsco) had advanced $0.25, or 11%, to $2.52. The 52-week high of $3.75 was reached on May 14, while the 52-week low of $1.90 was established on March 5.

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