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Fibrogen acknowledged Tuesday that the company has been touting false heart-safety data for its experimental anemia pill for at least two years — a shocking revelation that raises even more questions about the drug’s approvability.

Shares of Fibrogen fell 27% to $25 in Tuesday’s after-hours trading session as investors questioned the credibility of the company’s management team and mulled the ramifications of revised heart-safety data that may no longer be strong enough to pass muster with the Food and Drug Administration.

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