Anacor Pharmaceuticals said Tuesday the Food and Drug Administration is ready to review its antifungal drug tavaborole, sending its shares higher.
Anacor said the FDA accepted its marketing application for tavaborole and expects to complete its review by July 29.
Tavaborole is intended to treat onychomycosis, a fungal infection of the nail and nail bed. It is Anacor's most advanced experimental drug.
Shares of Anacor Pharmaceuticals Inc. rose 51 cents, or 4.7 percent, to end Wednesday trading at $11.33. The stock had traded between $3 and $11.76 in the past 52 weeks.