Wednesday, July 1, 2009

AMAG wins FDA approval for kidney drug

By Julie M. Donnelly

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AMAG Pharmaceuticals Inc. has won U.S. Food and Drug Administration approval for its drug, called Feraheme, to treat chronic kidney disease. The Lexington-based company’s drug is an injection designed to be used as an iron replacement therapy to fight anemia in patients with kidney disease. The drug can be used by patients who are on or off dialysis.

The drug is expected to be available commercially later this month and will be distributed primarily through wholesalers and specialty distributors.

AMAG had $195 million of cash on hand as of March 31. The company reported a net loss of 27 million in the first quarter of 2009.

AMAG’s (Nasdaq:AMAG) stock ticked up almost 3 percent in midday trading on Wednesday, to $56.69 up from $54.69 at the previous close.