Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Friday, September 5, 2008 Business briefly: Bothell firm gets grant for flu study MDRNA Inc. has received more than $350,000 from the National Institutes of Health for further development of the Bothell company's RNA therapeutics program to prevent and treat influenza. These funds are part of a five-year grant totaling $1.9 million that the institutes awarded MDRNA two years ago to study the underlying scientific principles that enable RNA interference technology to slow down the spread of the flu. Bothell biotech adds partner Bothell's Acucela Inc. and Otsuka Pharmaceutical Co. of Japan agreed to co-develop Acucela's lead drug candidate, ACU-4429, which is being tested as a treatment for the dry form of age-related macular degeneration. Otsuka is paying Acucela a $5 million upfront payment, and potential milestone payments totaling $258 million. In addition, Otsuka will fund clinical development activities through the phase 2 stage. The two companies also announced a similar agreement on another eye drug. Jobless claims rise sharply Jobless claims rose unexpectedly last week, the federal government said Thursday, while companies responded to the slowing economy by producing more with fewer workers. It was not great news for American workers, who have seen jobs decline and wages erode, but it may signal less inflation worries for the Federal Reserve. The Labor Department reported that new applications for unemployment insurance rose to a seasonally adjusted 444,000, up 15,000 from the previous week. Economists had expected claims to drop to 420,000. That news, plus disappointing sales reports from retailers, sent financial markets down as investors lost hope for an end-of-the-year recovery. Comcast fights FCC Internet ruling Comcast Corp. is appealing an FCC ruling that the company is improperly blocking customers' Web traffic, triggering a legal battle that could determine the extent of the government's authority to regulate the Internet. In a precedent-setting move, a divided Federal Communications Commission last month determined that the company is violating a federal policy that guarantees unfettered access to the Internet. Comcast challenged the FCC decision Thursday in the U.S. District Court of Appeals in Washington. Comcast executive vice president David Cohen said in a statement that the company is seeking "review and reversal" of the FCC order and that the commission's action was "legally inappropriate and its findings were not justified by the record." Istanbul airline buys two 737s The Boeing Co. and Saga Airlines today announced that the Istanbul-based airline has ordered two Boeing 737-800s with blended winglets. Saga Airlines has also secured two purchase rights for the same model. This order is valued at $149 million at current list prices. Istanbul-based Saga Airlines, which is the sister company of Saga Tours and Istanbul Petrol A.S commenced operations in April 2004. The airline has a fleet of six airplanes, including four 737s. From Herald staff and news services

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