Ea­gle Phar­ma shares tank af­ter FDA stiff-arms its ap­pli­ca­tion for heat stroke rem­e­dy

Shares of Ea­gle Phar­ma­ceu­ti­cals $EGRX tanked Wednes­day af­ter­noon af­ter the biotech re­port­ed that the FDA has snubbed its pitch to mar­ket its drug Ryan­odex for heat stroke. And this re­jec­tion may take awhile to over­come.

Ea­gle didn’t say why the FDA re­ject­ed its drug Ryan­odex (dantro­lene sodi­um), which is ap­proved for ma­lig­nant hy­per­ther­mia, lim­it­ing it­self to a terse state­ment that

the agency wants an­oth­er clin­i­cal study be­fore it will re­con­sid­er its mar­ket­ing ap­pli­ca­tion.

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