MediQuest’s drug review to be sped up
Published 8:07 pm Wednesday, June 25, 2008
MediQuest Therapeutics Inc. of Bothell has been granted priority review status from the U.S. Food and Drug Administration for its new drug application for MQX-503, a treatment for Raynaud’s disease. That means a decision on the drug’s approval could come in less than six months. Raynaud’s patients, 90 percent of whom are women, experience severe discomfort in their hands, feet and other extremities. MediQuest’s topical medication has shown in clinical trials that it can prevent or treat those symptoms.
Mukilteo firm joins Russell index
CombiMatrix Corp. of Mukilteo is set to join the Russell Microcap Index when Russell Investments reconstitutes its indexes on Friday. Annual reconfiguring of Russell indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by market capitalization to create the Russell 3000 Index and Russell Microcap. Shares of CombiMatrix, which specializes in DNA tools and services, closed Wednesday at $9.72, up 43 cents.
Buffett sees U.S. recession
Billionaire Warren Buffett has already said he thinks the U.S. economy is in a recession, and now he says the economy is getting worse. Buffett told CNBC in a live interview Wednesday that all the data he sees from Berkshire Hathaway Inc. subsidiaries shows the economy weakening.
Overseas sales aid Nike growth
Athletic shoe and apparel company Nike Inc. says strong growth overseas, particularly in Asia, helped boost its fourth-quarter profit by 12 percent. The Beaverton, Ore.-based company said Wednesday its net income rose to $490.5 million, up from nearly $438 million in the same quarter last year. Earnings per share jumped 14 percent to 98 cents per share, up from 86 cents per share. Analysts polled by Thomson Financial expected the company to earn 96 cents per share for the quarter.
Bangladesh Air orders 737-800s
Biman Bangladesh Airlines today announced an order for two 737-800s from the Boeing Co. with purchase rights for two additional 737s. Biman recently announced an order for four 777-300ERs and four 787-8s with purchase rights for four more of each model type. The airline connects Bangladesh with 18 countries around the world, and has agreements in place that will allow it to serve a total of 42 countries with expansion plans.
WaMu shareholders approve investment
Washington Mutual Corp., the country’s largest savings and loan, says its shareholders have approved a $7 billion investment from private equity group TPG and other institutional investors. The deal, announced in April, is intended to help the struggling thrift offset the costs of sharply rising delinquencies and mortgage defaults. In the first quarter of the year alone, WaMu set aside $3.5 billion to cover bad loans in its $250 billion portfolio. Shareholders overwhelmingly voted for the new capital Tuesday, despite the degree to which it dilutes the value of existing shares.
From Herald staff and news services
