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UAW To Accept Up To 20% Of GM Stock; Agrees To Concessions On Retiree Health Care Obligations, Labor Rules
United Auto Workers leaders on Tuesday agreed to accept up to 20% of General Motors stock, as well as concessions on labor rules and retiree health care obligations, as the automaker faces a June 1 deadline to restructure or seek bankruptcy protection, the Detroit News reports (Aguilar/Shepardson, Detroit News, 5/27). Under the deal, the voluntary employees" beneficiary association would receive 17.5% of common GM stock, $6.5 billion of preferred shares, a $2.5 billion note and warrants equal to 2.5% of GM"s stock (Reuters/USA Today, 5/27). In addition, the VEBA would receive $585 million annually in interest income on its preferred stock (Detroit News, 5/27). Another concession included in the tentative deal is the elimination of dental, vision and some prescription drug coverage for hourly retirees (Shepardson/Aguilar, Detroit News, 5/26). UAW also would hold a seat on the GM board of directors (Cho et al., Washington Post, 5/27).Because of a proposed deal announced earlier this month, the Treasury Department and UAW, together, are to own 89% of GM"s stock, meaning that if the UAW-GM deal is approved, the Treasury would own about a 70% share of GM"s stock (Detroit News, 5/26). Current bondholders would hold about a 10% stake in the company (Washington Post, 5/27). The remaining 1% would be held by existing shareholders (Detroit News, 5/26).The total 20% is about half of what was anticipated (Higgins, Detroit Free Press, 5/26). The "significant concessions" made by UAW, which was eligible to receive up to 39% of GM"s equity through the VEBA, "could mean that [GM] is attempting to appease unsecured bondholders, who charged that the UAW was getting a better deal," according to the News (Detroit News, 5/27). UAW said the revised agreement with GM was necessary for the automaker to survive, but the deal will leave hundreds of thousands of GM retirees paying higher out-of-pocket medical expenses, the Wall Street Journal reports (Stoll et al., Wall Street Journal, 5/27).UAW members are scheduled to vote on the agreement on Wednesday and Thursday (Detroit News, 5/26). However, "[e]ven with UAW approval, GM is still likely to file for bankruptcy, since bondholders are unlikely to swallow deep concessions," according to the News (Detroit News, 5/27).
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Technology Similar To An Inkjet Printer Could Aid Toxin Detection
If that office inkjet printer has become just another fixture, it"s time to take a fresh look at it. Similar technology may soon be used to develop paper-based biosensors that can detect certain harmful toxins that can cause food poisoning or be used as bioterrorism agents.
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DOD, VA, Congress Should Take Stronger Steps Toward Eliminating Tobacco Use In Military Populations, VA Medical Centers
Because tobacco use impairs military readiness, harms the health of soldiers and veterans, and imposes a substantial financial burden on the departments of Defense and Veterans Affairs, these agencies should implement a comprehensive strategy to achieve the Defense Department"s stated goal of a tobacco-free military, says a new report from the Institute of Medicine. DOD should gradually phase in a ban on tobacco use in the military, starting at military academies and officer training programs and among new recruits, the report says. DOD should also stop selling tobacco products in Army and Air Force commissaries -- Navy and Marine Corps commissaries already do not sell them -- and should stop selling them at a discount in military exchanges and other stores. In addition, Congress should allow VA to establish tobacco-free medical centers.
Medical Devices

Current Status Of The Development Programs Of New Indications And Formulations For Aricept(R) For Enhancing Patient Value

Eisai Co., Ltd. (Headquarters: Tokyo, President & CEO: Haruo Naito, "Eisai") and Eisai Corporation of North America (Headquarters: Woodcliff Lake, NJ, Chairman and CEO Hajime Shimizu) are currently focusing on three clinical development programs for the company"s major product Aricept(R) (donepezil hydrochloride tablets) to further contribute to patients with Alzheimer"s disease. As progress in those programs has been made, Eisai announces the status as follows: 1. Sustained Release Tablets Eisai has completed a Phase III study of Aricept 23 mg sustained release (SR) in patients with moderate to severe Alzheimer"s disease. Aricept 23 mg SR is being developed to increase clinical benefits while maintaining a favorable safety profile compared to currently marketed Aricept 10 mg immediate release. Based on the preliminary review of the data from this Phase III study, Eisai plans to submit a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) in August or September 2009. 2. Pediatric Use Eisai filed a Proposed Pediatric Study Request (PPSR), an application that proposes a rationale and study design for pediatric studies, with the U.S. FDA in February 2009 to evaluate the clinical benefits of donepezil in children with attention impairment following cancer treatment. Eisai received a notice from the U.S. FDA that there were insufficient grounds to issue a Written Request to obtain pediatric exclusivity. Eisai plans to complete the ongoing studies to provide important information on this therapeutic approach for an underserved patient population currently with limited treatment options. 3. Transdermal Patch Formulation Clinical trials of a once-a-week transdermal patch formulation of donepezil, which include a bioequivalence study compared to the currently marketed formulation of donepezil, are currently being conducted by Teikoku Pharma USA, Inc. in the United States. An NDA submission to the U.S. FDA is planned for the middle of fiscal year 2009 based on the results of the clinical trials. Eisai is working on this new formulation of donepezil based on agreements with Teikoku Seiyaku Co., Ltd. and its U.S. subsidiary, Teikoku Pharma USA, Inc. About Aricept Aricept is the first and only prescription medication approved by the U.S. Food and Drug Administration for mild, moderate and severe dementia of the Alzheimer"s type. This indication is supported by evidence-based medicine backed by numerous well-controlled clinical studies of AD in all stages and settings among thousands of patients that demonstrated that Aricept improves cognition and delays functional decline. Aricept is well tolerated, but may not be for everyone. People at risk for stomach ulcers or who take certain other medicines should tell their doctors because serious stomach problems, such as bleeding, may get worse. Some people who take Aricept may experience fainting. Some people may have nausea, vomiting, diarrhea, bruising, or not sleep well. Some people may have muscle cramps or loss of appetite or may feel tired. In studies these were usually mild and temporary. About Eisai Co., Ltd. Eisai Co., Ltd. is a research-based human health care (hhc) company that discovers, develops and markets products throughout the world. Through a global network of research facilities, manufacturing sites and marketing subsidiaries, Eisai actively participates in all aspects of the worldwide health care system. Eisai employs approximately 10,000 employees worldwide. About Eisai Corporation of North America Eisai Corporation of North America is a wholly-owned subsidiary of Eisai Co., Ltd. and supports the activities of its operating companies in North America. These operating companies include: Eisai Research Institute of Boston, Inc., a discovery operation with strong organic chemistry capabilities; Morphotek, Inc., a biopharmaceutical company specializing in the development of therapeutic monoclonal antibodies; Eisai Medical Research Inc., a clinical development group; Eisai Inc., a commercial operation with manufacturing and marketing/sales functions; and Eisai Machinery U.S.A., which markets and maintains pharmaceutical manufacturing machinery. Eisai Co., Ltd.


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