PreMD shares in nosedive on FDA's rejection

PreMD CEO Brent Norton told the wire services that the company is "facing some tough decisions" after learning that the FDA had upheld ts earlier decision to reject the expanded use of its skin cholesterol test.

 The agency had decided at the beginning of the year that the Canadian biotech's clinical trial determining the test was functionally equivalent to approved cardiovascular risk tests had been defective. Its stock plunged 68 percent on the news and was trading at nine cents. PreMD said in a statement that it "will be working with its advisors and partners to examine its options." 

--read the report from RTT News
--check out the press release