Cardiome shares tank on FDA rejection

Canada's Cardiome Pharma watched its stock take a nasty dive overnight after it announced that the FDA had not accepted a marketing application from its development partner, Astellas Pharma, for the heart drug RSD1235. The FDA told Astellas in a letter that its application contained omissions and inconsistencies. Cardiome was quick to note that the FDA did not reject the drug. Cardiome stands to gain a $10 million milestone fee if the marketing application is accepted. Its shares lost about a quarter of their value in overnight trading.

- here's the AP report on Cardiome