Living Cell Technologies trying out new treatment for Type 1 diabetes
AUCKLAND, New Zealand A biotech company in New Zealand will try a new way of treating Type 1 diabetes: injecting patients with pig cells.
Living Cell Technologies announced Wednesday that it started a phase 1 and 2a New Zealand clinical trial of Diabecell, an investigative encapsulated pig islet cell product for insulin-dependent diabetes, following authorization by New Zealand’s Ministry of Health.
“The New Zealand trial extends LCT’s clinical program and complements the clinical and commercialization program in Russia,” LCT CEO Paul Tan said in a statement.
The drug is designed to normalize blood glucose levels in people with Type 1 diabetes, comprising encapsulated insulin-producing cells from pigs that can be administered without the need for immunosuppressive drugs, the company said.
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Stater Bros. Markets appoints Dave Harris as VP finance
SAN BERNARDINO, Calif. Stater Bros. Markets announced that it has appointed a new VP finance.
The announcement was made by Jack H. Brown, chairman of the board and CEO of Stater Bros. Markets.
“We are extremely fortunate to have Harris join the Stater Bros. ‘Family’ of Employees,” stated Brown. “His background in accounting will be valuable to the future growth of the company during these rough economic times. I have known Harris for over fifteen years. He knows our company, our people, and our customers and will help strengthen our great financial department for today and for the future.”
Harris is set to work under the company’s EVP finance, CFO and CAO Phil Smith. As VP, Harris is responsible for directing daily operations of the company’s financial department.
Prior to joining Stater Bros., Harris worked for over 25 years in accounting, auditing an business advisory experience.
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Report: Rite Aid receives $290 million loan from GE Capital
NORWALK, Conn. Drug store operator Rite Aid Corp. received a commitment for a $290 million loan from GE Capital, the lender said Wednesday.
The General Electric Co. finance unit said it will contribute the money to Rite Aid’s $1 billion revolving line of credit. Rite Aid operates 4,900 retail pharmacies in 31 states and the District of Columbia.
In June, Rite Aid completed a refinancing of most of its debt that was due in September 2010, and took out a new $1 billion credit facility that expires in 2012.
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