SmithKline Beecham Wins Priority FDA Review for Diabetes Drug
Bloomberg News
January 21, 1999, 10:11 a.m. ET
SmithKline Beecham Wins Priority FDA Review for Diabetes Drug
Washington, Jan. 21 (Bloomberg) -- SmithKline Beecham Plc,
Europe's third largest drugmaker, said U.S. regulators have
designated the company's new diabetes medicine a ''priority''
drug, which means it could be cleared for sale by the end of May.
SmithKline filed for U.S. Food and Drug Administration
approval of the drug, known as Avandia, in November. It's
designed to treat Type 2 diabetes, the most common form of the
disease.
Avandia is a member of a class of drugs that include Warner-
Lambert Co.'s Rezulin, a hot seller which has been plagued
recently by reports of liver problems and patient deaths. If
SmithKline's Avandia can prove safer, it could generate sales
topping $1 billion, analysts have said.
SmithKline's American depositary receipts rose 1 5/16 to 73
5/16 in early trading. In London, shares rose 7.5 pence to 888.
Diabetes is a chronic illness characterized by an inability
to make or to properly use insulin, a hormone that helps process
blood sugar. The disease affects an estimated 16 million people
in the U.S., though many patients don't know they have it.
Both Avandia and Rezulin work by increasing the body's
sensitivity to insulin, thereby helping the body control levels
of blood sugar. If diabetics fail to properly control blood
sugar, they're at risk for problems including stroke, blindness
and even death.
--Kristin Jensen in the Washington newsroom (202) 624-1843 /mfr
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