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FDA grants priority review for Bayer, Onyx cancer drug

BY Allison Cerra

WAYNE, N.J., and SOUTH SAN FRANCISCO, Calif. — The Food and Drug Administration has granted priority review for an investigational cancer treatment created by Bayer and Onyx Pharmaceuticals.

The companies said Bayer’s new drug application for oral multikinase inhibitor regorafenib initially was filed in April for the treatment of patients with metastatic colorectal cancer, whose disease has progressed after approved standard therapies. The FDA grants priority review to medicines that provide a treatment where little or no adequate therapy exists.

Under the Prescription Drug User Fee Act, the FDA will complete its review within six months from the receipt of the NDA submission, rather than the standard 10-month review cycle.


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99 Cents Only finds home in Reno

BY Allison Cerra

CITY OF COMMERCE, Calif. — 99 Cents Only is opening its first Reno, Nev., store in July.

The company said the new store, which will open July 12, is 17,000 sq. ft. and will feature a large perishable food department, including produce, dairy and frozen foods.

99 Cents Only currently operates 300 retail stores, including 220 stores in California, 37 in Texas, 29 in Arizona and 14 in Nevada.

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Consumer confidence slides for June

BY Allison Cerra

ANN ARBOR, Mich. — Consumer sentiment declined more than six points for the month of June, according to the Thomson Reuters/University of Michigan’s final index.

The sentiment index was 73.2 in June 2012, down from 79.3 in May, but remaining slightly ahead of the 71.5 in last June’s survey. The survey showed that most of the overall decline reflected how consumers viewed future prospects for the national economy. The survey found that the percent of upper-income households that expected improve finances in the year ahead fell to 24% in June from 37% in May. On the other hand, lower-income households benefitted to a greater degree from the recent declines in gas prices, which completely offset their less favorable outlook for the economy.

"The overall June decline would normally be consistent with a somewhat slower spending growth rate," Thomson Reuters/University of Michigan survey of consumers chief economist Richard Curtin said. "The sharp declines among upper income households; however, may have a greater impact on the economy since their spending accounts for a large share of the total. The June loss among higher income households was associated with a large drop in favorable ratings of economic policies and a growing recognition that federal policies to bridge the fiscal cliff will not even be discussed until the very last minute. This meant that they wanted to adopt more cautious spending plans now to protect their finances from potentially adverse developments."

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