Shares of biopharmaceutical company Apellis Pharmaceuticals (NASDAQ:APLS) are tanking today after the review period for its product candidate pegcetacoplan was extended.
The U.S. Food and Drug Administration had granted a priority review for the drug which is targeted for the treatment of age-related macular degeneration.
While the FDA had set November 26 as the action date for the application, Apellis is planning to submit 24-month data for the review implying a three-month extension, pushing the action date further out to February.
Shares of the company are down nearly 17.7% today.
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