Intermezzo

POINT RICHMOND, Calif. (AP) — Shares in Transcept Pharmaceuticals were nearly cut in half Wednesday after the company said it does not expect the Food and Drug Administration to approve its sleep drug Intermezzo.
The FDA is scheduled to make an official decision by Thursday, but late Tuesday, Transcept said it expects the agency to ask for more information related to safety. The company has asked the FDA to approve Intermezzo as a treatment for people who wake late and night and cannot get back to sleep.