VVUS received FDA advisory panel approval for its diet pill Exparel last February when it gapped up nearly 80% in one day. Yesterday, national newspaper USA Today prematurely reported that VVUS had received full FDA approval. VVUS sold off heavily when USA Today retracted the report.
Today, VVUS has indeed received full FDA approval so is gapping up premarket, qualifying it as a buyable gap up.
Exparel reduces or eliminates need for opiates to control post-surgical pain. The question will be how well VVUS can market it since Vicodin is such a household word, and many huge opiate manufacturers will compete with exparel. VVUS should see strong revenues as public awareness of the benefits of Exparel grows.
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