Introgen Critically Hurt by FDA Advexin Snub

In response to the FDA setback Tuesday, Introgen even lost its biggest sell-side booster. Canacord Adams' analyst Joe Pantginis downgraded the stock to hold from a buy and lowered his price target to $1 from $9.50.

New Drug Applications that are incomplete become the subject of a formal "refuse-to-file" action. In such cases, the applicant receives a letter detailing the decision and the deficiencies that form its basis. This decision must be forwarded within 60 calendar days after the NDA is initially received by the FDA's Center for Drug Evaluation and Research.

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