Tibotec awards Medivir $24 million for drug development milestone
STOCKHOLM, Sweden Medivir has received $24.54 million from Tibotec related to the development of the drug candidate TMC435350, which recently advanced into Phase II clinical trials at the end of November, according to published reports.
The money has come in two different payments. The first payment was for a clinical milestone reached by Medivir under the terms of the research and license agreement between the two companies; that amounted in $7.21 million for Medivir. The second payment is due because Medivir opted not to obtain the marketing rights to an approved product in the Nordic countries, which resulted in $17.32 million.
“Our goal is to achieve revenues from sales of licensed pharmaceuticals in the Nordic market in the coming 12 months,” explains Medivir’s chief executive officer Lars Adlersson. “A robust financial position will facilitate the creation of a Nordic sales and marketing organization and strengthen us in coming partnership negotiations.”
Pharmacy-friendly TRICARE bill moves forward with passage of equal access provisions in Senate
WASHINGTON Two days after its passage in the U.S. House of Representatives, the Senate has voted to approve language in the Fiscal Year 2008 National Defense Authorization Act that pharmacy leaders consider critical to their ability to participate in the government’s massive TRICARE military health program.
The bill contains two key provisions that address the TRICARE prescription drug benefit for military beneficiaries. Among them: an extension of the current freeze on increases to retail pharmacy co-payments, so that patients covered by the military health plan won’t be penalized for filling their prescriptions at a community pharmacy rather than through a mail-order facility. The bill also affirms the right of the Department of Defense to negotiate with drug manufacturers for federal pricing discounts that would apply to prescriptions filled at retail pharmacies, as well as those that currently apply to drugs filled at military bases or by mail order facilities.
Citing the “extensive grassroots and lobbying campaign” his organization conducted to ensure those elements were included in the defense spending bill, NACDS president and chief executive officer Steven Anderson called the Senate’s approval of the provisions “a victory for community pharmacy and the military patients we serve.
“NACDS applauds the House and Senate for their action to preserve access to retail pharmacies in the TRICARE program,” he said. “Our nation’s soldiers, military retirees, and their families should have the freedom to choose where they obtain prescription medications, and this legislation will help protect that freedom.
“We urge President Bush to sign this legislation promptly so that it can be enacted into law,” Anderson added.
Student designs new insulin delivery in a wristwatch
PARIS A German student has designed a new mobile device to help pump insulin in a diabetic’s body without the hassle of using syringes or bulky machines, according to the European Space Agency.
The design is for a wristwatch that contains an ultra-light insulin pump to help people with type 1 diabetes. The watch produces its own electricity using aerospace technology, by conducting electricity caused by the movement of the person wearing the watch.
The product is being called COR and it can contain enough insulin to be sufficient for a type 1 diabetic for two-to-three weeks. The pump is attached to the user via a thin tube and a needle inserted under the skin to allow the insulin to flow into the body continuously, substituting for conventional syringe injections.