Shire agrees to drug trials
The U.S. Food and Drug Administration has approved a December agreement with drugmaker
Shire Pharmaceuticals to conduct two trials to verify benefits of the low-blood pressure medicine midodrine. Brand-named ProAmatine, the drug was rushed to market because there was no other treatment and patients have come to depend on it. It never achieved the clinical test results the FDA requires for full approval. Shire, which has operations in the Philadelphia area, doesn't make the drug anymore, but as the original applicant for approval, it must meet agency regulations.
- David Sell
Atlantic City revenue slips
After Atlantic City had the first year-over-year gaming revenue increase in 39 months in December, revenue returned to negative territory last month. The city's 11 gambling halls generated $236.9 million in revenue in January, down 7.2 percent from a year ago. Slot revenue was down 0.1 percent, and table-games revenue was down by 20.2 percent. Gaming analysts said that having one less Saturday had hurt, but that it was also unclear what effect the October opening of Resorts World New York, a racetrack with slots owned by Genting Corp., had on the A.C. market. - Suzette Parmley
Housing gains taking longer
It will be 2016 before the housing industry returns to 2002 levels, according to Ed Sullivan, Philadelphia chief economist for the Portland Cement Association. "Despite small improvements to the economy in 2011, the underlying fundamentals of the mortgage market have not improved," Sullivan said. He predicted there would be 443,000 single-family housing starts in 2012, just 3 percent above 2011. - Alan J. Heavens
Elsewhere
2 Toyota cars under probe
Camry and RAV4 vehicles are under investigation by the National Highway Traffic Safety Administration after reports of six electrical fires in driver-side doors. The agency announced an inquiry into 830,000 Camrys and RAV4s for model year 2007.
- Bloomberg News
