Avadel Shares Fall As FDA Pushes Approval For Its Narcolepsy Treatment Candidate - Avadel Pharmaceuticals (NASDAQ:AVDL)

The FDA has notified Avadel Pharmaceuticals plc AVDL that the review of its marketing application for FT218 is still ongoing, and action will likely not be taken in October.
Related: Needham Initiates Coverage With Buy For This Narcolepsy Player.
The FDA informed the company that there are no information requests and will provide a new target action date as soon as possible.
"We have addressed all questions received to date and remain confident that the package we have submitted satisfies all of the FDA's requests. We have not been informed of any deficiencies in our application and remain fully committed to work closely with the FDA for the duration of its review of our NDA for FT218," said Greg Divis, CEO of Avadel.
Related content: Benzinga's Full FDA Calendar.
Price Action: AVDL shares are down 14.9% at $8.50 during the premarket session on the last check Monday.