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Monday, November 16, 2009
CombinatoRx Shares Fall as Neuromed Drug Not Approved by FDA
By Kathryn Glass
FOXBusiness
Shares of CombinatoRx Inc. (CRXX) plunged nearly 50% on Monday, after the company announced that the privately-held Neuromed Pharmaceuticals, with which it has a merger pending, would not receive approval for its painkiller Exalgo in its current form.
The U.S. Food & Drug Administration said it is in talks with Neuromed to determine if the company should amend the drug’s application for approval, or resubmit the application under a different section which uses different criteria for approval.
CombinatoRx’s merger with Neuromed is expected to close in the fourth quarter of this year.
Shares of the company fell 76 cents or 46.63% to close Monday’s session at 87 cents a share.
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