Amylin Says SEC Has Opened Inquiry

Amylin Pharmaceuticals Inc. said the Securities and Exchange Commission was conducting an informal inquiry related to communications about the company’s Symlin injectable drug for blood-sugar control.

The inquiry may be related to compliance with an SEC regulation on fair disclosure, the San Diego-based company said. The rule is aimed at curbing selective disclosure of material information to some people by requiring that information to be made public.

Amylin, which has spent 16 years searching for new diabetes treatments, said Wednesday that regulators wouldn’t approve Symlin until more information was submitted. Amylin first filed for U.S. approval of Symlin in 2000.

Amylin shares rose 51 cents to $22.39 on Nasdaq. The announcement was made after the market closed.