Wyeth

(WYE)

says a decision by the Food and Drug Administration to cancel a September hearing on the company's experimental depression drug is good news.

The FDA canceled the meeting -- which was supposed to be held just after Labor Day -- for outside experts to review the drug's clinical trials. However, advisory committee meetings aren't required for the FDA to act on an application.

"After further review of the data, the FDA decided it was no longer necessary to hold the advisory committee meeting," Wyeth said Tuesday.

The company said it was "encouraged by this development and believes that its comprehensive clinical trials program ... supports the product's approval." The FDA is expected to rule on the drug, DVS-233, in late October.

DVS-233 could be Wyeth's most important new drug. Although the FDA is reviewing the drug, known generically as desvenlafaxine succinate, for depression, Wyeth also is testing it for treating menopausal symptoms, for chronic muscle and bone pain called fibromyalgia and for chronic pain caused by damaged or injured nerve fibers.