Pozen loses latest bid for FDA approval of MT100

Pozen lost another round with the FDA in its quest to gain approval for the migraine drug MT100. A special agency committee decided that the clinical data for the drug does not warrant exposing patients to tardive dyskinesia, involuntary movements of the tongue and mouth. The FDA issued a nonapprovable letter for MT100 more than a year ago, which at the time caused an immediate sell-off of Pozen stock that cut its $17 price in half. The company's CEO maintained that Pozen hadn't lost any ground on the drug, noting the earlier rejection. But investors weren't as confident. Pozen stock slipped 5 percent yesterday, closing at $7.97.

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