NeurogesX, Inc. (NGSX) Shares Plunge After FDA Staff Says Pain Patch Might Not Work
2/7/2012 8:44:53 AM
NeurogesX Inc. plunged as much as 35 percent after U.S. regulators questioned whether the specialty drugmaker proved its patch relieves pain related to nerve damage commonly associated with HIV. NeurogesX fell 27 percent to 84 cents at 9:52 a.m., after dropping to as low as 75 cents in the biggest intraday decline since Sept. 29. The company, which hasn’t reported an annual profit since selling shares in 2007, has fallen 84 percent in the past 12 months. Food and Drug Administration staff raised questions in a report today about whether the prescription-strength capsaicin patch called Qutenza proved “substantial efficacy” in treating pain caused by neuropathy linked to the virus. Advisers to the agency are scheduled to meet Feb. 9 to discuss San Mateo, California-based NeurogesX’s patch.
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