Amylin shares shoot up on Phase II Byetta results

Shares of Amylin Pharmaceuticals and Alkermes shot up in overnight trading after the two collaborators announced that a Phase II study of their new type 2 diabetes treatment -- a long-acting formulation of a Byetta injection -- was well tolerated and hit the desired therapeutic blood levels. The FDA approved twice-daily doses of Byetta last April.

- read this report from TheStreet.com for more