Friday May 2, 02:11 PM
UPDATE: Discovery Labs shares tumble as FDA sets forth conditions for Surfaxin
NEW YORK (Thomson Financial) - Shares of Discovery Laboratories Inc (NASDAQ: DSCO - news) . were halved in premarket trading Friday after the company said the U.S. Food and Drug Administration said in a approvable letter for Surfaxin that there were conditions that needed to be satisfied before marketing approval could be granted.
Surfaxin is a drug for the prevention of respiratory distress syndrome in premature infants.
The company said it is assessing the letter and will contact the FDA within the next few days to discuss the actions and timing required for a complete approval of Surfaxin.
Discovery shares tumbled 56% to $1.29 ahead of Friday's open, the lowest price seen during regular trading hours since June 2006.
Christie Rizk
cr/jw/tk1
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