NEW YORK (TheStreet) -- AcelRx Pharmaceuticals (ACRX) - Get Report plummeted Monday after the FDA rejected the company's painkiller dispensing device Zalviso.

AcelRx announced the news late Friday that the FDA did not grant approval to the device. The FDA has some concerns about Zalviso and has asked for more data to "support the shelf life of the product," according to the agency's Complete Response Letter.

For more on this story, read TheStreet's Adam Feuerstein's article here.

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The stock was down 34.81% to $7.06 at 10:07 a.m.

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