Rise and shine, everyone, another busy day is on the way. Unfortunately, a thick cloud covering is engulfing the Pharmalot campus, but our spirits remain sunny, nonetheless. As the Morning Mayor used to say: “Every brand new day should be unwrapped like a precious gift.” So while you tug on the ribbon, you can also forage through items of interest assembled below. Hope you have a smashing day and do keep in touch.
Valeant Pharmaceuticals cut its financial guidance for the current quarter and reported an unexpected loss for the final quarter of 2015 on lower-than-expected sales of its gastrointestinal drugs, The Wall Street Journal says. Not surprisingly, the drug maker pointed to “management transition issues” and “continued organizational distractions,” such as government probes into its accounting and pricing, which will likely hurt operations this quarter.
GW Pharmaceuticals said its medical marijuana drug significantly cut the number of seizures children with severe epilepsy suffered during a Phase 3 trial, which may pave the way for the first US approval of a drug of its kind, according to The Guardian. No, GW shares did not reach a new high on the news, but the stock did nearly double. The active ingredient in the drug, called Epidiolex, is a substance known as cannabidiol.
A Kentucky court is being asked by STAT to unseal documents that could provide new information on how Purdue Pharma marketed its OxyContin painkiller, including what senior executives knew about addictive properties of the drug and whether they downplayed the risks. During years of litigation, Purdue has successfully kept millions of company records out of view through judicial secrecy orders or settlement deals mandating their destruction.
US Senator Bernie Sanders proposed awarding drug makers cash prizes to encourage development of new HIV and AIDS drugs, but withhold exclusive marketing rights, STAT reports.
The Food and Drug Administration granted priority to an experimental Roche (RHHBY) drug for treating bladder cancer, which the company hopes will counter the threat of biosimilar versions of its older medicines, Reuters writes.
FDA medical reviewers raised questions about the potential risks of heart attacks and blood clots from an Abbott Laboratories (ABT) coronary stent that dissolves after it is implanted, Reuters tells us. An FDA review panel meets Tuesday.
Johnson & Johnson is ending sales of its automated sedation system due to poor sales and cost cuts, The Wall Street Journal reports. Sedasys was designed to sedate patients undergoing colon cancer screenings.
Several former civil servants from Turkey’s Social Security Agency and three former Roche execs were sentenced to more than four years in prison for overpricing drugs sold to the Health Ministry, The Hurriyet Daily News reports.