Sadly, this is just going into Phase III testing. It will need a bit more testing - this can take at least 2 to 5 years, I would think. It takes longer to approve drugs that are experimental than those already used for other things. I think this is an experiemental drug, not already in use, but I'm not sure.
Here's some info I found on the approval process (I didn't know any of this until I just looked it up)
"Phase I trials test the safety of new drugs for humans. These trials record the side effects that occur at different dosages of the drug. Everyone in a Phase I trial receives the new drug, but different participants may get different dosages. The trials usually study less than 100 people, and take less than a year. In Phase I trials, new drugs are given to humans for the first time. People who participate in Phase I trials face the highest risks compared to possible benefits.
Phase II trials can enroll several hundred people and take 1 to 2 years. They study how well the drug works in relation to the disease/disorder. They also collect more information about side effects. Only about 1 drug candidate in 3 makes it through Phase II trials.
These trials are usually randomized. This means that trial participants are divided into two groups that are similar in terms of age, sex, and health. One group receives the study drug. The other group is the reference or control group. People in the control group get standard treatment (called "standard of care.") If there is no standard treatment, they may get a dummy medication (called a placebo).
Trial participants and their doctors usually do not know who is getting the study drug or the placebo. This is called a blinded study. Studies are blinded so that the doctors will be totally objective when they evaluate the health of patients in the study.
Phase III trials collect more data on a drug's effectiveness and side effects. These trials can study up to a few thousand people and often last for a year or more.
Phase III trials are normally randomized and blinded. Participants might not receive the study drug. With good results in Phase III trials, a manufacturer can apply for FDA approval to sell the new drug.
Phase IV trials are called "post-marketing studies". The regulations for Phase IV trials are not very clear, and they are not conducted very often. Phase IV trials can monitor a new drug' s long-term effectiveness and side effects, or how cost-effective it is. They can also compare the new drug to other drugs approved for the same condition."
And here is a visual chart if that makes more sense: http://www.fda.gov/cder/handbook/develop.htm