Altana stock slides after European Daxas application pulled

Altana pulled its application for European marketing approval for Daxas--a drug for smoker's lung and asthma--after deciding to wait on more clinical data to back up the medication. The decision on one of Altana's key drug hopes sent its stock price into a dive. Altana has been hoping that Daxas would prove a blockbuster and help transform the drug developer into a major player in the respiratory drug field.

- read this report from AFX for more