Drug trial questionedA trial showing that AstraZeneca Plc’s Crestorcholesterol pill prevented heart disease in seemingly healthy people was flawed and may have been biased because of the company’s role in the research, according to an article in the Archives of Internal Medicine.
Nine of the 14 researchers who conducted the study, dubbed Jupiter, had financial ties to London-based AstraZeneca that may have influenced the way they did their job, doctors led by Michel de Lorgeril wrote in the report. The lead Jupiter researcher is a co-holder of a patent on a protein marker of inflammation that would potentially boost royalties from wider use of Crestor, the authors said.
Over five years, using Crestor in people with normal cholesterol may prevent 250,000 heart complications in the U.S., AstraZeneca’s researchers said when presenting Jupiter findings at the American Heart Associationmeeting in 2008. AstraZeneca in March 2008 stopped the study early because of “unequivocal” evidence that the pill cut deaths better than a placebo in people who had no evidence of existing heart disease. AstraZeneca has operations in Westboro.
Company acquired
FITCHBURG — Arrhythmia Research Technology Inc., a maker of medical sensors and software used to detect heart arrhythmias, has acquired RMDDx Corp. of Prince Edward Island, Canada, in a stock transaction.
The company reported yesterday it completed the acquisition through a new subsidiary, RMDDx USA Corp.
Under the deal, Arrhythmia Research Technology issued 115,033 shares of unregistered common stock and five-year options to acquire 60,000 shares of Arrhythmia common stock exercisable at $4.76 per share. The shares and options were issued in exchange for all outstanding shares and options of RMDDx.
Arrhythmia said all shares of common stock were placed in escrow, and the shares and options may be released as certain targets are met.
RMDDx will develop mobile cardiac telemetry diagnostic monitoring services across the United States, Arrhythmia reported. The company said the deal represents a step into the medical device and service businesses.
Wal-Mart shakeup
Eduardo Castro-Wright, who was seen as a potential successor to Wal-Mart’s chief executive, Michael T. Duke, has been replaced as head of Wal-Mart’s U.S. operations.
His successor will be Bill Simon, Wal-Mart U.S.’s chief operating officer, Wal-Mart said Tuesday. Castro-Wright will continue in other roles at the company, overseeing international e-commerce and sourcing.
The heads of Wal-Mart’s United States and international divisions are considered among the most powerful executives at the company, so Castro-Wright’s move is a significant one. It makes room for Simon as a possible heir for Duke, and may give new verve to Wal-Mart’s plans for international growth online. Wal-Mart U.S. has recently been a weak spot in the company.
For the most recent quarter, as other retailers began to report growth, Wal-Mart’s sales at United States stores open at least a year declined 1.4 percent from a year earlier. It was the fourth consecutive quarter of decline.
Megawatts funding
WORCESTER — Mass Megawatts Wind Power Inc. said it has raised $967,501 from the private placement of 2 million shares of restricted stock since August 2009.
The company reported in a filing with the Securities and Exchange Commission that a portion of the proceeds were used to eliminate debt. Some is also going to complete prototypes of new technology and verify it, the company reported.
Siemens is upbeat
Siemens AG, Europe’s largest engineering company, which in Worcester owns the Morgan Construction Co.,predicted “continued strong profitability” in its third quarter as demand rebounds for factory automation gear, health-care products and light bulbs.
Profit at Siemens’s energy, health-care and industry divisions will approach the 2.1 billion euros ($2.57 billion) the Munich-based company reported in its fiscal second quarter, Chief Financial Officer Joe Kaeser said in a statement today. New orders and sales in the third quarter will exceed the corresponding prior-year figures, Siemens said.
The Munich-based maker of power plants, trains and medical scanners raised its outlook for full-year earnings on April 29.
Auto sales slowdown
DETROIT — Forecasters think U.S. sales of cars and light trucks have slowed in June after months of improvement. It’s another sign that people are beginning to doubt the economic recovery with unemployment still high.
“The two big issues with consumers right now are employment growth and income growth, and they’re not seeing much of either,” said George Pipas, Ford Motor Co.’s top sales analyst.
Three firms that track auto sales predict automakers will report a sales decline of anywhere from 9.5 to 12 percent from May to June when they turn in their figures on Thursday. A double-digit decline would be the biggest monthly drop since January.
There is good news for shoppers: If sales keep falling, automakers will be more tempted to try to lure car buyers in with low-interest financing, rebates and sweet lease deals.
Abbott unit in play
WASHINGTON — Drug and medical device manufacturer Abbott Laboratories, which owns the Abbott Bioresearch Center in Worcester, is considering selling its vaccine unit, just a few months after acquiring the business from a European competitor.
Company spokesman Scott Stoffel confirmed Tuesday that the company is exploring the sale of Solvay’svaccine business.
Media outlets first reported the development Monday.
Last year Solvay vaccines sold more than $197 million.
North Chicago-based Abbott acquired the pharmaceutical unit of Belgium company Solvay in February for $6.2 billion.
Solvay’s flu vaccine Influvac was initially seen as one of the key products in the purchase, giving Abbott an entrant into the burgeoning vaccines market. Barnes & Noble stock
NEW YORK — Barnes & Noble shares sank to a 52-week low Tuesday, after the book seller reported a steep fourth-quarter loss and outlined plans for growth in the small but quickly growing e-book market. The company was bullish on the future of digital books and its investment in the market. But its shares stayed down more than 15 percent.
Investors were fretting about Barnes & Noble’s downbeat forecast for the new fiscal year, and the market overall slumped at news the consumer confidence was retreating and economies could be slowing around the world
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