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Shares of

CV Therapeutics


were sinking in premarket trading Monday on news that the Food and Drug Administration's Cardiovascular and Renal Drugs Advisory Committee won't review the company's angina treatment Ranexa at a meeting in September.

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In a press release issued late Friday, CV Therapeutics said the company and the FDA "agreed that a September advisory committee meeting, which would have required a mid-August distribution of briefing packages to advisory committee members, would not have provided sufficient time" to complete ongoing discussions and analysis of the Ranexa new drug application.

CV Therapeutics' shares were down $9.68, or 27.5%, to $25.50 in Instinet trading before the opening bell.

CV Therapeutics, a biopharmaceutical company based in Palo Alto, Calif., submitted a new drug application for Ranexa to the FDA last December.

If the drug is approved, Ranexa would represent the first new class of antianginal therapy in the U.S. in more than 20 years, CV said.