us device drops 43% on fed ko! The CEO of VCR is well aware of what happens when the Fed knocks you back. The last company he worked in high management for was squashed by the FED.
Today a US company saw its shares plunge 43% when the FED knocked back its application for its micro catheter device for treating atrial fibrillation.
This is very dangerous territory. Why am I not surprised that VCR appears to be short of volunteers and notably shy of the US market! This company is looking to Europe for volunteers. We shall see....meanwhile back at the ticker, Cardima's shares fell a whopping 43% on this news:
NEW YORK, May 28 (Reuters) - Cardima Inc. (NasdaqSC:CRDM - News) said on Friday that it got a non-approvable letter from the U.S. Food and Drug Administration (News - Websites) for its catheter device system manufactured for treating a type of irregular heartbeat called atrial fibrillation was not approvable.
The company said that at the FDA's suggestion, it requested a meeting with the agency to discuss next steps toward seeking approval.
It said in a statement the FDA rejected its pre-market approval application for the Revelation Tx Microcatheter with NavAblator Ablation System for the treatment of drug refractory paroxysmal atrial fibrillation.
Last year, a U.S. advisory panel voted unanimously to urge the FDA to turn down Cardima's application to market the device in the United States. The FDA usually follows its panels' advice.
The Revelation Tx system delivers radio frequency energy through a catheter to destroy heart tissue that causes atrial fibrillation.
VCR
ventracor limited
