Cardiogenesis (cgcp) Message Board

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Biotech / Medical : Cardiogenesis (cgcp)

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To: Joy who wrote (10)	7/29/1997 3:23:00 PM
From: Joy	of 66

The following rejection by FDA of a competing company for the same TMR is good for CGCP. That leaves ONLY CGCP & one other company competing for this market, when approved. Good for CGCP. . . Tuesday July 29 2:08 PM EDT PLC Systems tumbles after FDA rejection NEW YORK, July 29 (Reuter) - Shares of PLC Systems Inc lost over half their value on Tuesday following a U.S. Food and Drug Administration panel's recommendation Monday that the FDA reject the company's Heart Laser System. Shares were trading at 11-3/8, down 56 percent from Monday's close of 25-10/16. The FDA advisory committee voted nine to two to reject PLC's system for treatment of patients with chronic chest pain who do not respond to angioplasty or coronary artery bypass surgery. It said PLC presented incomplete trial data. ``This is a major blow. It is their (PLC's) one and only business,'' said Alexander Arrow, a medical devices anayst for Wedbush Morgan Securities.

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