Acorda Therapeutics (ACOR) announced the results from a late-stage clinical trial of the drug candidate, CVT-301. The result showed that the inhaled formulation of levodopa improved the motor function of Parkinson's disease patients during so-called "off" periods when their symptoms re-emerge.

Acorda is seeking approval for CVT-301 as a treatment for Parkinson's patients experiencing muscle stiffness and tremors during the "off" periods when carbidopa/levodopa pills stop working.

The company plans to file for U.S. marketing approval for the drug during the second quarter of this year. Acorda also intends to apply for European approval by the end of this year. The company expects to generate up to $500 million in annual revenue in the US alone.

However, late last year, the company had announced to stop development of its flagship product, Ampyra, to be approved for additional indications. The drug had failed to show ufficient efficacy in a study being conducted for improvement in PSWD. The failure saw the stock price plummeting to its lowest levels.

Acorda stock lost over 44 percent of its value in the past 12 months. However, it showed signs of revival this year as it gained nearly 8 percent. With the latest positive developments, it is expected that the stock will maintain its positive momentum.