Insmed Inc. shares dropped in the extended session Wednesday after the biotech said it had withdrawn a European marketing application for a lung disease drug. Insmed shares fell 18% to $9.80 after hours. The company said the marketing application for the drug Arikayce was based on data from a mid-stage clinical study that didn’t support enough evidence for an approval from the European Medicines Agency. Insmed is trying to get the drug approved to treat nontuberculous mycobacteria lung disease, a rare and chronic infection that can cause potentially fatal lung damage. Insmed said it will resubmit the application when data is available from a later study.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News