Wednesday's Health Winners & Losers

Shares of Cardiome Pharma(CRME Quote) were among the worst-performing health-related stocks Wednesday, tumbling 21% after the drug developer said the Food and Drug Administration refused to accept its partner's application for an investigational drug to treat atrial fibrillation.

The partner, Astellas Pharma, received a so-called "refusal to file" letter from the FDA. "We are very disappointed to communicate this setback to our stakeholders," Cardiome said in a press release. "Based on the clinical data generated from this program, we had great confidence that the submission would have met the Agency's filing requirements." In its letter to the company, the FDA said there were inconsistencies and omissions in the database that was submitted with the company's new drug application.

Cardiome said it would not be deterred by the setback. "Our confidence in this program is in no way affected by this event," it said. "We are reviewing our own efforts in relation to this NDA, and are fully committed to resolving the FDA's concerns as quickly as possible." Shares of Cardiome recently were trading down $2.43 to $8.85.

Shares of Connectics(CNCT Quote) fell 6% after the pharmaceutical company said it received notice from its debt holders warning of a potential default on its convertible notes. The company hasn't complied with the terms of its convertible debt obligation because of its failure to file its quarterly report for the period ending March 31 with the Securities and Exchange Commission in a timely manner.

Connectics has 60 days to remedy the situation. "If the company does not cure this breach within this period, an event of default will occur under the indentures, and the trustees or the holders of at least 25% in aggregate outstanding principal amount of each note may accelerate the maturity of that note, causing the outstanding principal amount to be due and payable at that time," Connectics said. The company said that it is "endeavoring" to file the delinquent report within the next 60 days, which would allow it to avoid a default on the notes. Shares were trading down 75 cents to $11.85.