Covidien (NYSE: COV) Says FDA to Take Longer for Exalgo

Ft Lauderdale, Florida 11/21/2009 04:55 PM GMT (TransWorldNews)

Health care company Covidien PLC (NYSE: COV) said Friday the Food and Drug Administration will take longer than expected to review the potential opioid pain drug Exalgo, according to Associated Press.

The agency said it is delaying a decision on the treatment by three months, to Feb. 22. The FDA was scheduled to make a decision by Nov. 22, but the company sent in additional information on the drug candidate. That prompted the three-month extension by the agency.

Top Best Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign up for our Free Stock Newsletter.

In June, Ireland-based Covidien bought the rights to Exalgo from Neuromed Pharmaceuticals Ltd. for an undisclosed amount.

Shares of Covidien fell 5 cents to $45.09 in afternoon trading.

Sign up for Top Best Penny Stocks' free newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.

About Us

Top Best Penny Stocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.

Please click here to read the full disclaimer.