Oculus Innovative Sciences Inc's shares more than doubled after the U.S. Food and Drug Administration approved the company's anti-scar treatment for raised and red scars resulting from burns, surgical procedures and trauma wounds.
The treatment, Microcyn Scar Management HydroGel, will be marketed by Oculus's U.S. dermatology partner, Quinnova Pharmaceuticals, in the first half of 2014.
This is the eighth FDA approval for Microcyn-based products, Oculus CEO Jim Schutz said in a statement on Wednesday.
Oculus said it expected to market the product in Mexico next year with its Latin American partner, More Pharma.
The launch of the treatment in China, Singapore, Malaysia and India is expected after April, the Petaluma, California-based company said.
An estimated 62 million scars are formed each year in the United States, the company said, quoting a 2003 report by market research firm Frost & Sullivan.
Oculus shares were up 160 percent at $6.06 in premarket trade on the Nasdaq. They closed at $2.33 on Tuesday, giving the company a market value of about $15 million.
(Reporting by Natalie Grover in Bangalore)