How Encysive Botched the FDA Game

When Encysive(ENCY Quote) recently struck out in its third attempt to win U.S. approval of its most promising drug, the company immediately cried foul.

In a nutshell, Encysive claimed that the Food and Drug Administration had changed the rules of the game in the final inning and, in a seemingly desperate move, the company vowed to seek a formal review that could raise its final score.

However, based on a play-by-play analysis of events, Encysive hasn't always stuck close to the rules itself. ...