Here’s why the Mayne Pharma (ASX:MYX) share price is shooting 28% higher

The Mayne Pharma Group Ltd (ASX: MYX) share price is shooting higher on Friday morning.

At the time of writing, the pharmaceutical company’s shares are up a massive 28% to 59 cents.

This latest gain means the Mayne Pharma share price is now up 69% since the start of the year.

Why is the Mayne Pharma share price charging higher?

Investors have been buying the company’s shares this morning following the release of a very positive announcement.

According to the release, the US Food and Drug Administration (FDA) has approved the New Drug Application (NDA) from Mayne Pharma and Mithra Pharmaceuticals for the novel combined oral contraceptive Nextstellis.

Following this approval, Mayne Pharma anticipates the commercial launch of…