By Denny Jacob
American depositary receipts of Avadel Pharmaceuticals rose 19% to $12.34 on revenue growth powered by sales of Lumryz in the third quarter.
ADRs of the biopharmaceutical company are up 72% on the year.
The Ireland-based company widened its loss to $36.3 million, or 41 cents a share, for the three months ended Sept. 30, from $20.1 million, or 33 cents a share, a year earlier.
Product revenue reached about $7 million in the quarter. There is no comparable figure in the year-ago period.
Chief Executive Greg Divis said Wednesday that Avadel made strong progress in the first full quarter of its launch of Lumryz, a treatment for cataplexy or excessive daytime sleepiness in adults with narcolepsy.
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