Shares of Via Pharmaceuticals, Inc. (Nasdaq: VIAP) have added more than 20% following news before the opening that an independent board gave the green light for continued studies of the company’s cardiovascular drug.

San Francisco-based Via Pharmaceuticals announced today that its independent Data Safety Monitoring Board (DSMB) met to review patient safety and other data from two ongoing Phase II studies of VIA-2291, a drug for the treatment of acute coronary syndrome and carotid endarterectomy. The DSMB recommended the studies continue as planned.

“VIA is very encouraged that the safety profile of VIA-2291 indicates that it is well-tolerated in patients, and that evidence of a positive pharmacological effect has been observed by the DSMB,” said Dr. Adeoye Olukotun, Via’s chief medical officer, in a statement.

The company said that it expects to see positive results from the two trials in the middle of 2008.

Acute coronary syndrome is a condition resulting from a decrease in blood flow to the heart and characterized by chest pain. Carotid endarterectomy is a surgical procedure used to correct a narrowing of the carotid artery, the artery that supplies the head and neck with blood.

At 3:20 p.m. ET, Via Pgarmaceuticals’ (VIAP) shares had moved up $0.66, or 17%, to $4.56. That’s well above the 52-week low of $3, which was set on Aug. 10. The 52-week high of $7.75 was reached on June 6.