NEW YORK (CNN/Money) - Alkermes Inc. said Monday that Johnson & Johnson received a non-approval letter for its Risperdal Consta injectable schizophrenia drug application from the Food and Drug Administration.

Alkermes is a drug delivery technology company working with Johnson & Johnson on the drug. The application was for an injectable, long-acting, newer-generation antipsychotic medication, which the company said may significantly improve symptoms of schizophrenia without the need to take daily medication.

Through a process developed by Alkermes, the drug would be injected once every two weeks.

"Johnson & Johnson is one of the world's leading health care companies. We have great confidence in relying on their ability and judgment in dealing with regulatory authorities around the world," said Richard Pops, Alkermes CEO.

Johnson & Johnson could not be reached for immediate comment.

Shares of Johnson & Johnson (JNJ: Research, Estimates) fell $2.15 to $52.26 in Friday trading.