Medtronic Down 3% After FDA Rejects Amplify

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Medtronic (MDT) is lower after it said the FDA rejected its Amplify product, which aims to use a protein to stimulate bone growth and relieve low back pain. On Wednesday, MDT said the FDA sent the company a letter in Q3 of fiscal 2011 declining to approve its Amplify rhBMP-2 Matrix bone graft material without additional information from MDT, Reuters reports. MDT did not say what additional information the FDA sought but said that the company was continuing to seek FDA approval for the product.

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