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Business Update
Pozen shares plummet after migraine drug rejected
June 26th, 2004
Shares of Pozen Inc. plunged June 1, 2004, following news that the U.S. Food and Drug Administration (FDA) rejected the company's new drug application for its treatment for migraine headaches. The stock of the Chapel Hill-based specialty pharmaceutical company sank $3.69, or 37%, to close at $6.23 June 1, 2004, on heavy volume on the Nasdaq Stock Market. Pozen said the FDA issued a "not-approvable" letter concerning the drug, called MT 100, on May 28. MT 100 combines in a single tablet the pain reliever naproxen sodium and the medication metoclopramide, which relieves symptoms such as nausea. Migraines often involve nausea and...
Source: Law & Health Weekly (2004-06-26)
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