MediQuest Therapeutics of Bothell said patients enrolled in a phase 3 study of its treatment for Raynaud’s disease showed “significant improvements in their condition.” The disease can cause severe pain in the hands, feet and other extremities, mostly in women, when they’re exposed to cold temperatures. MediQuest’s MQX-503 improves symptoms in the majority of patients with minimal side effects, said Frederick Dechow, the firm’s chief executive.
Nastech stock plummets on news
A day after the end of a drug development pact with Procter &Gamble sent shares of Nastech Pharmaceutical Co. down by 38 percent, investors punished the Bothell-based biotechnology firm some more. Nastech’s stock fell another $1.53, or 18 percent, Thursday to close at $7.09 per share. The trading volume was 2.6 million shares, about six times the average daily trading volume.
Fed chairman predicts slowdown
Federal Reserve Chairman Ben Bernanke said Thursday that economic growth will slow noticeably in coming months while surging oil costs will raise inflation pressures. But he said the economy is nowhere close to the “stagflation” nightmare of the 1970s and he predicted an economic rebound by mid-2008. Bernanke acknowledged a host of problems facing the economy, from a deeper-than-expected housing slump to a credit crunch and now rising oil prices and a falling value of the dollar.
ESPN, theme parks boost Disney profit
Net profit rose 12 percent at The Walt Disney Co. in the fourth quarter, led by growth at its ESPN cable channel, more visitors at theme parks and increased sales of consumer products, the media conglomerate reported Thursday. Disney reported net income of $877 million, or 44 cents per share, for the quarter ended Sept. 29, compared with $782 million, or 36 cents per share a year-ago.
Vonage settling phone patent suit
Internet phone company Vonage Holdings Corp., which was the subject of bankruptcy speculation only a few months ago, took another step toward putting its troubles behind it on Thursday. The Holmdel, N.J., company said it was in talks with AT&T to settle a patent suit, the last of several filed against it by traditional phone companies. Vonage said it and AT&T are discussing settling the suit for $39 million to be paid over the next five years.
Tech stocks drop in extensive selloff
Technology stocks made an abrupt U-turn Thursday, reducing the gains that had been piling up as investors sought refuge from the lending and housing morass weighing on the U.S. economy. Intenet networking supplier Cisco Systems Inc. took one of the biggest beatings after chief executive John Chambers warned of weakened demand from major customers. The drop was widespread, pulling down even high-tech stars like online search leader Google Inc. and iPod maker Apple Inc., whose stocks had been leaping from one new peak to another for months.
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