A NEW ROAD FOR BRISTOL-MYERS?(BUSINESS)

Byline: PHIL GALEWITZ Associated Press

NEW YORK -- In 1998, it was Viagra. In 1999, it was the arthritis pill Celebrex. This year, the biggest new blockbuster prescription drug was supposed to be the hypertension medicine Vanlev.

But Bristol-Myers Squibb Co.'s hopes of launching the next pill destined for multibillion dollar annual sales were scuttled when federal officials raised concerns that Vanlev may cause severe facial swelling and impair breathing in some patients.

Those worries led the nation's third-largest drugmaker Wednesday to withdraw its application for Vanlev until more studies can be completed, a move that should delay launch of the …