Pfizer’s (NYSE:PFE) developmental drug tofacitinib, originally indicated for Rheumatoid Arthirits, showed positive trial results in treating ulcerative colitis and has been moved into a Phase 3 study. Patients with the disease, which causes abdominal pain and bleeding, are often unresponsive to standard treatments on the market from Johnson & Johnson (NYSE:JNJ) and Abbot (NYSE:ABT) so the drug has potential to fill an unmet need.The FDA expressed safety concerns with Tofacitinib in the past when exploring its use as an RA treatment, but Pfizer believes the risks involved will be much lower in the younger, healthier patient population of ulcerative colitis. The Phase III trial should be completed in 2015. Pfizer is currently waiting for the FDA’s approval on Tofactinib in its RA indication, but after submitting additional data to the agency, a decision may be delayed; PFE originally anticipated a decision by the 21st of this month. An approval from the FDA sooner than later will obviously support share price, but Tofacitinib’s value may already be factored into PFE’s valuation as it has been on a steady increase this year.