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Biotech / Medical : Biotech failure, 2002
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To: sim1 who wrote (117)10/7/2002 10:33:34 AM
From: keokalani'nui  Read Replies (1) of 130
 
JTT-501 bites the dust.

Japan Tobacco To Terminate Diabetes Drug Development
Monday October 7, 5:00 am ET

TOKYO -(Dow Jones)- Japan Tobacco Inc. (J.JTB or 2914) said Monday it has decided to terminate the development of its "JTT-501" diabetes drug after assessing clinical testing results.
The company began clinical tests of JTT-501 in spring 1996 and has completed the phase-II testing for the potential drug, but won't move on to phase-III testing. Drug makers usually seek government approval after third-phase tests.

The company was developing JTT-501 as an oral drug for the treatment of diabetes.

In 1998, Japan Tobacco licensed to Pharmacia Corp. (NYSE:PHA - News) JTT-501's development and sales in overseas markets except South Korea.

Japan Tobacco's decision to end the drug's development follows an announcement by Taisho Pharmaceutical Co. (J.THP or 4535) last month that it will terminate its development with U.S. partner Insmed Inc. (NasdaqNM:INSM - News) of the "INS-1" drug for diabetes treatment after their phase-II testing.

The market for diabetics drugs is growing strongly. Other companies developing such drugs for the global market include Tanabe Seiyaku Co. (J.TAN or 4508) and Johnson & Johnson .

On the Tokyo Stock Exchange Monday, Japan Tobacco shares fell 3.8% to Y765, 000, in line the Nikkei 225 Stock Average, which ended 3.8% lower
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