FDA gives tentatitve approval for Galantamine
PRINCETON, N.J. The Food and Drug Administration has granted tentative approval to Ranbaxy Laboratories to manufacture and market Galantamine Hydrobromide tablets in 4, 8 and 12 mg.
Galantamine is used for the treatment of mild to moderate dementia in Alzheimer’s patients. According to Jim Meehan, vice president of sales and distribution for Ranbaxy Pharmaceuticals, which is a wholly owned subsidiary of Ranbaxy Laboratories, “We will launch the product upon final approval, which is anticipated on Dec. 14, 2008. At the time of launch, the product will be available immediately to all classes of trade.”
Scientists show correlation between statins and Alzheimer’s treatments
HASBRUCK HEIGHTS, N.J. Scientists have found proof showing an association between statin use and neuropathologic changes in the brain linked to Alzheimer’s disease.
The study was recently published in a brain disease report conducted by researchers at the University of Washington, the Veterans Affairs Puget Sound Health Care System and the Group Health Cooperative of Puget Sound.
Nymox Pharmaceuticals holds the worldwide patent for the use of statin drugs for the prevention and treatment of Alzheimer’s. The global market for statins exceeds over $25 billion. Alzheimer’s currently affects more than 4.5 million people in the United States, according to government estimates.
PDL to sell rights to drugs, cut related jobs
FREMONT, Calif. PDL BioPharma will sell the rights to four of its drugs and cut at least 250 jobs as the company moves it focus away from cardiovascular drugs to oncology and select immunological diseases.
The four drugs to be sold are Cardene, Ularitide, Retavase and IV Busulfex. The drugs produced $187.2 in revenue in the year ending June 30. The 250 jobs would be eliminated as a result of selling the drugs, but more job cuts could be expected as the company shifts its focus to diseases like multiple sclerosis.
The company has been under fire recently by its shareholders for keeping Mark McDade as chief executive officer even though he moved the company to a more expensive location and for being in charge while the company missed earnings and sales projections.