Cyberonics to fight FDA's "inexplicable" VNS rejection
This article was originally published in Clinica
Overruling its own panel's recommendation, the FDA has decided not to approve Cyberonics' application to market a pacemaker-like device to treat depression. The news, released before the market opened on August 12, sparked a major sell-off in Cyberonics stock. About 27 million shares changed hands, 10 times the stock's average volume, driving the price down 40% to $9.59.