Theravance Inc. (THRX) announced after the bell Thursday that it received a letter from the FDA, which indicated that the company's response to the November 2009 Complete Response letter for the telavancin New Drug Application is incomplete and that the review clock will not start until the FDA receives a complete response.
Theravance Inc. gapped open sharply lower Friday and declined during the first 45 minutes of trade. Shares fell further going into the close and finished down by 2.53 at $10.97 on above average volume. The stock dropped below a 2-month range and set a new low for the year.
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