Health and Healthcare
FDA Complete Response Letter Takes a Big Bite Out of Hope (SLXP, PGNX)
Published:
Last Updated:
The CRL is now requesting additional clinical data. Salix and Progenics said that they intend to request an End-of-Review meeting with the Division of Gastroenterology and Inborn Errors Products to better understand the contents of the CRL.
Unfortunately the news is crushing. Progenix shares are down almost 50% at $5.45 in very active trading. The market cap prior to the drop was $365 million.
Salix was worth just over $3 billion and its shares are indicated down about 15% at $44.99 after a $53.19 close on Friday. So far we have seen Cantor Fitzgerald and Susquehanna downgrade Salix.
As is usual with Complete Response Letters, this means delays and higher costs of approval. It also is often is far worse than just that.
JON C. OGG
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.