Biotech starts new drug trial
Seattle Genetics Inc. of Bothell has started a midstage clinical trial of SGN-40 as a combination cancer therapy, triggering a $12 million milestone payment from biotechnology giant Genentech Inc. The experimental drug is being studied in combination with chemotherapy and an approved non-Hodgkin’s lymphoma drug. Seattle Genetics already has received $60 million, and it has the potential to receive $800 million more, as well as royalties, if the drug is successful.
National jobless rate holds steady
Employers hired at a moderate pace in November, and the unemployment rate held steady at a relatively low 4.7 percent, reassuring signs for an economy that is fighting to avoid a recession. The Labor Department’s report Friday showed that companies added a net 94,000 new jobs last month. That was down from a strong gain of 170,000 jobs in October, but was still enough to prevent the unemployment rate from rising.
McDonald’s to pay for coffee additions
McDonald’s Corp. has agreed to pay franchises 40 percent of the expense of outfitting U.S. restaurants to serve specialty coffees after the restaurant owners resisted the hefty new costs. McDonald’s announced last month that it will add espresso coffee drinks in its 13,800 U.S. outlets next year, but its owner-operators balked at the required expenditures. McDonald’s USA President Don Thompson told analysts last month the cost could be $100,000 per restaurant.
Delphi prepares to exit bankruptcy
Delphi Corp. can begin soliciting votes for its plan to exit bankruptcy, the company’s lawyer said Friday. This is a major step toward letting the auto parts maker proceed with a restructuring that would shed thousands of jobs in plants across the country. Delphi’s reorganization plan would ultimately eliminate 27,000 union jobs and would sell or close 20 factories across the nation. Remaining and future workers are left with a two-tier wage structure, with new workers earning wages of $14 to $18.50 an hour, down from $27 per hour.
Chrysler recalls Dodge trucks, vans
Chrysler LLC said Friday it is recalling nearly 600,000 Dodge trucks and vans to address concerns that the vehicles could shift out of park without keys in the ignition. The recall affects 2001 and 2002 Dodge Dakota trucks, Dodge Durango sport utility vehicles and Dodge Ram vans, as well as the 2002 Dodge Ram pickup. A Chrysler spokesman said there have been nine incidents involving injuries connected to the issue, but no fatalities. Owners will be notified beginning in January.
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