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Somaxon Pharmaceuticals Inc.

But Somaxon Pharmaceuticals Inc. (Nasdaq) plunged $2.38, or 67%--the most in nine months--after the company said its insomnia pill was rejected for the second time this year by the FDA. The San Diego-based company said the FDA questioned the effectiveness of the drug, Silenor, and declared its application to sell the product "cannot be approved in its present form." Silenor, Somaxon's most-advanced drug in development, would compete with Sanofi-Aventis SA's Ambien and Sepracor Inc.'s Lunesta. The FDA first denied the application in February, citing concerns about the medicine's potential effect on the heart. The agency's latest letter raised no safety issues, the company said.
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Title Annotation:Medical Stock Spotlight; drug approval
Article Type:Brief article
Geographic Code:1USA
Date:Dec 14, 2009
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