Last week, an FDA Advisory Committee met to discuss QNEXA, the fixed dose combination drug from Vivus (VVUS) for the treatment of obesity. While it is reported that there was Advisory Committee discussion that favored certain aspects of the drug, overall, the drug was not favorably considered by the committee. The response to this NFC recommendation by the Advisory Committee was reflected in sharp drop in the share price in Vivus, down over 50%. Does the drop in share price suggest that there were some investors actually expecting a positive recommendation by the Advisory Committee? If so, we say why? Did they think that a new fixed dose combination diet preparation could get out of the regulatory shadow cast by phen-fen?