Ebb & Flow

The first regulatory setback isn't the knockout punch for Oxford GlycoSciences(LSE:OGS; OGSI), which fell 92.5p (24%) to 300p on Monday after receiving a non-approvable letter from the FDA for its Vevesca (OGT 918) to treat Gaucher disease. But with the company's current market cap now approximating its cash on the balance sheet, Vevesca's value has been virtually removed from the stock.

According to OGS, the FDA said there was not sufficient support for the safety and efficacy of the compound (see B6). Nevertheless, Vevesca is still under review in Europe, and OGS expects a decision in the third quarter...