Biovail's once-daily Tramadol approved

Shares of Canada's Biovail shot up 15 percent after the biotech announced that the FDA had given formal approval for its once-a-day painkiller Tramadol to the market. Biovail says it is currently engaged in talks to identify a partner to market the drug in the US and expects an announcement soon. Labopharm, meanwhile, has a competing once-daily pain drug in Phase III trials.

- read this press release for more