UPDATE 1-Alkermes opioid dependence drug get priority review

* FDA sets action date of Oct 12

* Shares up 3 pct premarket

May 25 (BestGrowthStock) – Alkermes Inc (ALKS.O: ) said U.S. health
regulators assigned a priority review status to the marketing
application for its opioid dependence drug Vivitrol, sending
its shares up 3 percent in premarket trade.

Under the priority review, which is granted to products
that are considered to be more advanced over existing
therapies, the U.S. Food and Drug Administration takes shorter
time, typically six months from the date of submission of the
application, to make its decision.

The company said the FDA set Oct. 12 as the target date to
complete its review of the drug.

Opioid is a class of powerful, highly addictive narcotics
prescribed to relieve chronic pain. In the United States, the
most commonly abused opioids are heroin and methadone.

Vivitrol is an injectable medication for the treatment of
alcohol dependence and was approved by the FDA in April 2006.

Shares of the company were up 27 cents at $11.05 in
premarket trade. They closed at $10.78 Monday on Nasdaq.

Stock Report

(Reporting by Anand Basu in Bangalore; Editing by Aradhana

UPDATE 1-Alkermes opioid dependence drug get priority review