PTC Therapeutics drops 56% after FDA decline
(MENAFN- ProactiveInvestors)Shares of PTC Therapeutics (NASDAQ:PTCT) tanked more than 55% on Tuesday after the company received a refuse to file letter from the U.S. Food and Drug Administration for Translarna. The FDA said the application for Translarna a protein restoration therapy drug was not up to the required standards in order to permit a substantive review. Translarna is intended to treat a form of muscular dystrophy mostly affecting men. PTC said it is examining what actions it can now take. Shares in PTC dropped 56% to $12.38.
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