(Bloomberg) — Clinuvel Pharmaceuticals Ltd. surged the most in five years after the U.S. Food and Drug Administration approved its treatment for a rare skin disorder that causes sensitivity to light.Shares of the Melbourne-based bio-pharmaceutical firm jumped as much as 51% in Sydney, the most since October 2014, after the U.S. allowed the use of the drug Scenesse to treat erythropoietic protoporphyria. Clinuvel rose to a record high of A$42.38, valuing the company at A$2.1 billion ($1.4 billion).Erythropoietic protoporphyria induces skin damage from exposure to light, forcing patients to “lead an indoor or nocturnal existence,” Clinuvel said in a release. …read more
Source:: Yahoo Finance
