Momenta shares tumble after FDA rejection

It's Momenta Pharmaceuticals' turn at the Wall Street whipping post as investors respond to the news that the FDA has rejected its generic version of the anti-clotting drug Lovenox, which is made by Sanofi. The company said the FDA's non-approvable letter cited an inadequate look at the drug's possible effects on the immune system. The agency's response is a heavy blow to Momenta, which had been looking for an approval to help gin new revenue for its research work. Its stock crashed in pre-market trading, losing almost half of its value. Momenta's partner, Sandoz, received the rejection letter.

- check out Momenta's release on the rejection
- read the AFX report for more info