Savient Pharmaceuticals Inc. in a statement said the U. S. food and Drug Administration has extended the review date for the company's experimental gout drug by three months. The news sent the company's shares plummeting down 29 % to $2.05 in afterhours trading.

The drug was for the treatment of gout which is a painful inflammation and swelling of the joints which is the result of uric acid build up. The FDA was to review Savient's injectible treatment intended for gout patients who had not responded to other therapies. In December the FDA had said they would give the company's application priority review and try to make a decision in six months which was earlier than the customary 10 months.

The agency had earlier notified March 5 as the likely date when it would review the company's drug which it would in all likelihood reschedule as well. The company said the agency's new deadline for deciding the application is July 30.