Columbia Labs' Preterm Birth Prevention Gel Ineffective

A Food and Drug Administration staff report said that Columbia Laboratories Inc.'s (Nasdaq: CBRX) and Watson Pharmaceuticals' (NYSE: WPI) progesterone gel to prevent preterm birth was ineffective. Shares of Columbia plummeted $1.31 to close at $1.10 while Watson Pharmaceutical stock sank $4.23 to close at $57.98.

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