Merck Delays Drug Application

The company plans to seek approval of a proposed insomnia treatment in mid-2007.
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(MRK) - Get Report

said it no longer plans to submit a new drug application for its proposed insomnia treatment gaboxadol early next year, citing a delay in enrolling participants in a late-stage trial.

The company now expects to provide its application to the Food and Drug Administration in mid-2007. The pharmaceuticals giant previously intended to seek marketing clearance in the first quarter.

Merck and Danish company H. Lundbeck began collaborating on the U.S. development and marketing of the drug in 2004. Merck's shares were up 1.1% to $43.22 Friday.