Costco posts strong August sales
ISSAQUAH, Wash. — Club retailer Costco Wholesale posted sales of $7.4 billion for the month of August, reporting an 8% sales increase over August 2011 and an increase in comps that beat analysts’ expectations.
Same-store sales for the chain during the four-week period that ended Sunday increased by 6% over the same period a year ago, reaching the high end of Citi’s forecast of 4% to 6% and exceeding Guggenheim Partners’ 4% forecast.
Still, Guggenheim analyst John Heinbockel wrote in a report on the results that the retailer’s international comps were not as strong, though the company plans to open new stores in Korea and Taiwan. "Costco’s August sales remained strong in the United States, with one- and two-year gains, ex-gasoline, at the high end of recent ranges, while international comps, ex-Fx, continued to soften hitting their lowest level since September 2009," Heinbockel wrote.
FDA approves Linzess for chronic constipation, irritable bowel syndrome
SILVER SPRING, Md. — The Food and Drug Administration has approved a new drug for treating bowel diseases made by Ironwood Pharmaceuticals, the agency said Thursday.
The FDA announced the approval of Linzess (linaclotide) capsules for chronic idiopathic constipation and irritable bowel syndrome with constipation in adults. Chronic constipation affects an estimated 63 million people in the United States, according to the National Institutes of Health; chronic idiopathic constipation occurs when patients’ condition doesn’t respond to standard treatment. An additional 15.3 million people have IBS.
"No one medication works for all patients suffering from these gastrointestinal disorders," Office of Drug Evaluation III deputy director Victoria Kusiak said. "With the availability of new therapies, patients and their doctors can select the most appropriate treatment for their condition."
ScripsAmerica secures $1 million in financing for RapiMed launch
NEW CASTLE, Del. — ScripsAmerica last week announced that the company has secured $1 million in financing, which it will use to develop, manufacture and distribute its RapiMed brand of children’s pain reliever and other core business products.
"ScripsAmerica is very pleased to secure the funding necessary to ensure a successful product launch of RapiMed, currently slated for the first quarter of next year," stated Bob Schneiderman, ScripsAmerica CEO. "The company can now implement the most effective strategies for the development, manufacturing and marketing of RapiMed leading up to the launch without cash constraints, enabling us to grow faster and focus on meeting market demand."