How do you feel about the article, “UPDATE 2-Cadence says FDA delays painkiller review, shares fall”?
* Extended action date on the painkiller is Feb 12, 2010 * Co says now planning for a launch early in Q2, 2010 * Shares fall as much as 10 pct (Adds analyst comments, updates share movement) Nov 13 (Reuters) – Drug developer Cadence Pharmaceuticals Inc (CADX.O) said the U.S. health regulators delayed the review date on its experimental painkiller by three months as certain additional data submitted by the company were considered a major amendment by the regulators. Shares of the company were down as much as 10 percent at $8.61, before paring some of their losses to trade down 66 cents at $8.89 Friday morning on Nasdaq. About 570,000 shares changed hands in intra-day trade, more than twice the 50-day moving average volume of the stock. “Most observers including ourselves had anticipated approval today. Hence the delay is a disappointment that may lead to a modest weakness in Cadence shares,” Cowen and Co analyst Eric Schmidt said in a note. “Nonetheless, we remain confident in Acetavanc
