It's the first ever drug to treat the common cold. It's called Picovir, and it works by disarming nearly half of the viruses responsible for colds. Unlike other cold remedies, Picovir fights the cause of colds, instead of just treating symptoms.
Why did the FDA say they would not approve the drug? It is because the drug has one side effect that isn't dangerous but could create a lot of family problems. The drug appears to reduce the effectiveness of birth control pills. Women treating their colds could end up with an accidental pregnancy. The FDA panel voted against the drug 15 to zero saying a cold eventually goes away on it own, but a baby lasts a lifetime.
The FDA isn't bound by its advisors recommendations, but usually follows them. A final decision is expected in the summer. Picovir is manufactured by Viro-Pharma.