Aralez Pharmaceuticals Inc. (NASDAQ: ARLZ) saw its stock take a solid uptick early on Monday following a key approval in Canada. After a very rough past year, this could be beginning of a recovery for this stock. The company announced the Health Canada approval of Blexten for the treatment of the symptoms of seasonal allergic rhinitis (SAR) and chronic spontaneous urticaria (CSU).

The approval was granted to Aralez Pharmaceuticals Trading DAC, a subsidiary of Aralez formed under the laws of Ireland. Blexten will be distributed in Canada by Tribute Pharmaceuticals Canada, also a subsidiary of the company.

The Canadian antihistamine market is currently valued at roughly $115 million per year. SAR and CSU are both allergic disorders that can adversely affect quality of life to the extent that work or school productivity may be impaired.

Adrian Adams, CEO of Aralez, commented:

Blexten represents an opportunity to introduce the first new antihistamine in Canada in over 15 years. Blexten represents an additional treatment option that physicians can offer Canadian patients suffering from seasonal allergies and hives. Blexten, is patent protected and qualifies for 8 years of market exclusivity under Health Canada’s Office of Patented Medicines and Liaison and we believe all of these factors will play an active role in driving organic growth of the Canadian business.

Dr. Gordon Sussman, M.D., FRCPC, a Canadian renowned allergy clinical immunology specialist, added:

A new antihistamine with rapid and effective relief for patients with allergic rhinitis, including both nasal and ocular symptoms, without CNS effects such as somnolence, would be welcome by physicians.  When selecting the optimal antihistamine therapy for patients with allergic rhinitis, physicians can look to the revised ARIA 2010 recommendations for further guidance.

So far in 2016, Aralez has underperformed the market, with the stock down 38%. Over the past 52 weeks, the stock is down nearly 50%.

Shares of Aralez closed Friday up 2.2% at $4.22, with a consensus analyst price target of $9.75 and a 52-week trading range of $3.42 to $12.69. Following the announcement, the stock was up over 6% at $4.50 in early trading indications on Monday.

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