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UPDATE 1-Syneron Medical plunges on FDA's delay of VelaSmooth.

The America's Intelligence Wire

| November 30, 2004 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From CBS Marketwatch (Stories))

NEW YORK (CBS.MW) -- Shares of Syneron Medical Ltd. skidded 28 percent Tuesday after the Food and Drug Administration refused to let the company market its VelaSmooth system in the United States with a 510(k) pre-market notification.

Rather, the FDA requested late Monday that Syneron , which specializes in medical aesthetic devices, resubmit VelaSmooth with a pre-market approval application.

With a pair of analysts downgrading the shares after the news, Syneron closed down $10.49, or 28 percent, at $26.71 after touching a session low of $26.57.

VelaSmooth has already been cleared for the non-invasive…

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