Stryker Slips After Negative FDA Panel Ruling

NEW YORK (AP) — Stryker Corp. shares declined Wednesday after a Food and Drug Administration panel recommended against approving Stryker's OP-1 bone growth putty for sale.

In a meeting late Tuesday, the panelists voted six to one that the product should not be approved for sale because it was not convinced OP-1 is as effective as current bone graft techniques. Panelists were also concerned about the design of clinical studies intended to support OP-1, and had reservations about its safety.

Stryker shares gave up 98 cents, or 2.9 percent, to $33.06 in afternoon trading. ...