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Zymo Application Yanked in EU

ZymoGenetics (NASDAQ: ZGEN), the Seattle-based developer of a treatment to stop excess surgical bleeding, said today that its partner has voluntarily withdrawn an application to market the product in Europe. Germany-based Bayer, who formed a collaboration with ZymoGenetics to market recombinant thrombin (Recothrom) in 2007, withdrew the European application after regulators there said another clinical trial would be necessary to win approval, according to a regulatory filing. The drug won FDA clearance in January 2008. The product has gotten off to a slow start in the U.S., where it is estimated to generate $28 million to $30 million in sales this year.