PHARMACEUTICALS

FDA APPROVES PFIZER DRUG TO HELP SMOKERS STOP The U.S. Food and Drug Administration said yesterday it approved a new type of prescription drug by Pfizer to help people quit smoking.

The drug, varenicline, is designed to block receptors in the brain that are linked to an addiction to nicotine, the key ingredient in cigarettes. It is unlike other treatments such as patches or gums that deliver nicotine without the use of tobacco products. The drug will be sold under the brand name Chantix.

The FDA approved the drug under its priority review mechanism, which cuts about four months off the typical drug review time and is usually reserved for drugs the agency deems would be a “significant improvement” compared with existing treatments.

“Cigarette smoking is a very difficult habit to break due in large part to nicotine dependence or addiction,” the director of the FDA’s Center for Drug Evaluation and Research, Steven Galson, said. “Chantix therapy has proven to be effective in smokers motivated to quit and will provide another tool for physicians to use for the millions of smokers who want to quit.”

The drug is designed to reduce the severity of a smoker’s craving and the withdrawal symptoms from nicotine. In cases where a person might resume smoking during treatment, the drug helps block the effect of nicotine and could diminish the sense of satisfaction associated with smoking, thereby helping to break the cycle of nicotine addiction.

– Dow Jones Newswires

RETAIL

SALES IN APRIL ARE WEAKER THAN EXPECTED In a sign that the economy may be slowing, retail sales were weaker than expected in April as soaring gasoline prices forced consumers to cut back on spending in other areas.

Retail sales rose by 0.5% last month following a 0.6% advance in March, the Commerce Department reported yesterday.

The April increase was weaker than the 0.8% Wall Street had been expecting and was disappointing in light of reports last week of strong April sales at the nation’s big chain stores, reflecting warmer-than-usual weather and a late Easter that boosted clothing sales. The government report on retail sales showed that virtually all of the strength last month came from a big 4.6% jump in sales at gasoline stations. That reflected a sharp rise in prices with gasoline selling near $3 per gallon in many parts of the country.

– Associated Press

MARKETS

INVESTORS SEND STOCKS PLUNGING ON FEARS OF MORE RATE HIKES Anxious investors sent stocks plunging yesterday as surging commodities prices fed fears that the Federal Reserve would extend its two-year streak of interest rate hikes. The major indexes saw their biggest one-day drops since mid-January.

The sharp decline reflected Wall Street’s deep disappointment with the Federal Reserve’s statement on Wednesday that more rate tightening could be needed to counter inflationary pressures from energy and metals. Investors were hoping for signals that rates have been raised enough to keep inflation in check.

– Associated Press