Boston (SmartAboutHealth) - The FDA has given approval to a new schizophrenia drug made by

Vanda.

The drug is called iloperidone, and was originally denied approval by the agency due to the

 lack of supporting evidence.

 

It was approved by the FDA based on evidence of 4 clinical trials that clearly showed that the drug reduced symptoms in patients

with schizophrenia more than a placebo.

This is the first drug to ever be approved by the FDA from Vanda, resulting in the company’s shares skyrocketing 7 fold.

Vanda is also in the midst of trials of a drug to treat people who suffer with insomnia.

According to the company, their drug is safer than other leading antipsychotic drugs currently on the market which have

 been linked to side effects including diabetes and even weight gain.

Leading drugs currently on the market to treat mental disorders include Zyprexa, made by Eli Lilly and Seroquel made by

AstraZeneca Plc.