Boston, MA 06/04/2013 (wallstreetpr) – The American Depository Shares of Flamel Technologies S.A. ADR (NASDAQ:FLML) had surged by 18.26 percent to close at $5.70 per ADR for the last trading session on Monday. The ADRs of the pharmaceutical company had been trading in the range of $5.25 to $5.83 per share and had also hit the new 52 week high price level of $5.83 per ADR. The American Depository Shares of Flamel Technologies S.A. ADR (NASDAQ:FLML) had recorded 52 week low price level of $2.85 per ADR.
New FDA Approval
Flamel Technologies S.A. ADR (NASDAQ:FLML) had recently announced that its New Drug Application for Bloxiverz had been approved by the Food and Drug Administration of the United States. The drug is basically used after surgery in the operating rooms for reversing the effect of non depolarizing neuromuscular blocking agents. Though the unapproved versions of the drug are already present in the market place as unapproved, grandfathered products which could be sold under Food, Drug and Cosmetic Act of 1938, this new version of approved drug would be launched by Flamel Technologies S.A. ADR (NASDAQ:FLML) in July, 2013.
The shares of Flamel Technologies S.A. ADR (NASDAQ:FLML) had been surging in prices and trading volumes following announcement of approval by FDA. The company had witnessed heavy trading volume at nearly 678,196 shares being exchanged hands on Monday, while the average trading volume is at 48,428 shares per day.
Flamel Technologies S.A. ADR (NASDAQ:FLML) presently holds 25.16 million shares outstanding in the market with 38 percent of institutional ownership.
