FDA to review Orexigen’s obesity treatment
SAN DIEGO The Food and Drug Administration has accepted a new drug application from a biopharmaceutical company focused on the treatment of obesity.
Orexigen said its investigational obesity treatment Contrave (naltrexone SR/bupropion SR), which addresses both physiological and behavioral drivers of the disease, was accepted by the FDA, following its Contrave Obesity Research clinical program, which included more than 4,500 patients.
“We are pleased the FDA has accepted our NDA for filing and look forward to working with the agency during the review process,” said Michael Narachi, Orexigen president and CEO. “If approved, we believe Contrave will become an important therapeutic option for obese patients, making weight loss and weight maintenance an achievable cornerstone in the treatment of obesity and its common co-morbidities.”
BioScrip to present at two upcoming conferences
ELMSFORD, N.Y. Specialty pharmacy company BioScrip will present at two conferences next month, BioScrip said Wednesday.
On June 7, chairman and CEO Richard Friedman and CFO and EVP Stanley Rosenbaum will present at the Noble Financial Sixth Annual Equity Conference at the Hard Rock Hotel in Hollywood, Fla. The next day, Friedman, Rosenbaum and president and COO Richard Smith will present at the Jefferies 2010 Global Life Sciences Conference at the Grand Hyatt in New York.
A live audio Webcast of the Florida event will be available at www.ontrack10.com and www.nobleresearch.com, while one of the New York event will be at www.wsw.com/webcast/jeff46/bios. Replays of the presentations will be available through BioScrip’s Web site, at www.bioscrip.com.
Costco’s profit soars in Q3
Wholesaler Costco saw a surge in its third-quarter profit, the retailer reported Thursday.
Net income in the quarter ended May 9 rose to $306 million, up nearly 46% from $210 million in the year-earlier third quarter. Sales rose 12% to $17.39 billion. Same-store sales rose 4%.
Costco said its dramatic profit increase was attributed to continued overseas demand from Canada to Taiwan and by better sales of nonessential products such as apparel and home furnishings.
At the end of the quarter, Costco ran 568 warehouse clubs, with locations in the United States; Canada; Mexico; the United Kingdom; Korea; Taiwan; Japan and Australia. The company said it plans to open five more locations by Aug. 29, the end of its fiscal year.