Barr Laboratories ( BRL) said the Food and Drug Administration has extended the deadline for reviewing the company's new drug application for the oral contraceptive Seasonale, and the decision prompted investors to do some selling.

The FDA extended the original 10-month deadline in order to continue considering the application, including additional data Barr submitted. The company said it's holding talks with the FDA and that it's planning to launch Seasonale in the fall.

"We will continue to work closely with the agency to assist in the timely completion of the review of our Seasonale application," the company said in a press release. "We are also committed to providing any additional data that they may need as quickly as possible."

Barr, a maker and marketer of generic and propietary drugs, contended that Seasonale represents the "single-most significant advance in oral contraception in the past 40 years." Shareholders were put off by the news, sending shares of Barr down $1.70, or 3%, to $52.60.

Estimates indicate that more than 16 million women currently take oral contraceptives in the U.S., Barr said.