FDA Nixes Capricor Rare Disease Treatment, Stock Plummets

San Diego firm hopes to overturn decision, no comment from CIRM, which backed therapy with millions.

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The Food and Drug Administration (FDA) has rejected a San Diego firm’s treatment for a rare muscular disorder that leads to early death, sending the company’s stock price 30 percent lower this morning and delivering a blow to California’s $12 billion stem cell research program.

The FDA said there was insufficient evidence to justify approvi…