Colgate elects Michael Polk to board of directors
NEW YORK — Colgate-Palmolive announced on Thursday that Michael Polk, president and CEO of Newell Rubbermaid, has been elected to Colgate’s board, effective June 11.
Prior to joining Newell Rubbermaid in 2011, Polk served in various senior leadership roles at Unilever, including president of global foods, home & personal care, and at Kraft Foods, where he was president of Kraft Foods Asia Pacific, president of the biscuits and snacks sector and was a member of the Kraft Foods Management Committee.
FDA approves Valeant’s Jublia
LAVAL, Quebec — Valeant Pharmaceuticals International announced that its subsidiary, Valeant Pharmaceuticals North America, received approval from the Food and Drug Administration for its new drug application for Jublia (efinaconazole 10% topical solution). The drug is the first topical triazole approved for the treatment of onychomycosis of the toenails, the company said.
Onychomycosis is a common nail infection that is undertreated largely due to the limitations of available treatment options, Valeant said. Over-the-counter treatments provide limited efficacy and prescription oral treatments are limited because of drug interactions and other safety concerns.
"Onychomycosis is not only embarrassing and uncomfortable, but also can lead to permanent nail damage and limited mobility in the general population," said American Podiatric Medical Association Executive Director and CEO Glenn B. Gastwirth, DPM. "We welcome the approval of Jublia and encourage people with onychomycosis of the toenails to discuss their condition with their podiatrist or other healthcare professional to find a treatment that’s right for them."
Kraken Pharmaceutical, the licensor and business partner for efinaconazole, agreed to supply Valeant with the final dosage form of Jublia for the U.S. market.
Retail sales rise 0.3% in May
WASHINGTON — Consumer spending rose 0.3% in May, marking four consecutive months of rising U.S. retail sales.
The Commerce Department reported Thursday that May results were boosted by strength from the auto sector, which recorded a 1.4% sales increase during the month. U.S. retail sales rose 0.5% in April and 1.5% in March.
The four-month revival in spending — following a dismal January hurt by nasty weather — has prompted economists to predict a solid rebound to 3% growth or better in the current April-June quarter.
Sectors outside of autos didn’t fare quite as well in May. Sales at hardware stores and furniture stores increased, but department store sales fell 1.4%. A broader category that includes department stores and big-box stores saw sales fall 0.6%. Sales also were down at specialty clothing stores and electronics stores, but posted a solid gain of 0.6% in the category that includes online shopping.
Analysts expect overall economic growth to remain at a solid 3% level in the second half of the year.