Matrix Application for AccuSite Inadequate

Matrix Pharmaceutical Inc. said its application for a genital warts treatment, AccuSite, is “unapprovable as submitted” to the Food and Drug Administration. The Fremont-based biotechnology company’s stock fell $2.375 to close at $6.125 in Nasdaq trading of 1.61 million shares, more than nine times the three-month daily average of 164,600, making it one of the most active stocks on U.S. exchanges. The stock touched $5.75 earlier. The company said some of the agency’s concerns aren’t serious and can be answered quickly. However, it couldn’t accurately assess the clinical issues until it meets with the FDA, which it said it hopes to do “at the agency’s earliest convenience.” AccuSite, an injectable gel, has been approved for marketing in Britain.