UPDATE 1-Depomed says no lawsuit against pain drug; shares soar
* Says Pfizer confirms no lawsuit filed on pain drug
* Sees drug approval in Q1 of 2011
* Shares up 16 pct
Aug 3 (Reuters) - Depomed Inc (DEPO.O) said it confirmed with Pfizer Inc (PFE.N) that no patent infringement lawsuit has been filed against Depomed's experimental neuropathic pain drug, sending its shares up 16 percent.
The drug, DM-1796, is an extended release, once-daily tablet formulation of gabapentin, which is marketed by Pfizer for treatment of epileptic seizures.
On Tuesday, Depomed said the 45-day period for filing a patent infringement suit under the Hatch-Waxman Act, which would subsequently impose a 30-month stay on the U.S. health regulator's ability to approve the drug DM-1796, has expired.
In March, Depomed submitted a new drug application to the U.S. Food and Drug Administration to treat postherpetic neuralgia (PHN). [ID:nSGE62T0KA].
Depomed, which has licensed the drug to Abbott Laboratories Inc (ABT.N) in North America, said it now expects marketing approval of the drug in the first quarter of next year.
Shares of Depomed soared 16 percent to $3.30 in trading after the bell. They closed at $2.83 Tuesday on Nasdaq. (Reporting by Krishnakali Sengupta in Bangalore;)