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Glaxo drug on fast track
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August 31, 1999: 10:37 a.m. ET
Bowel treatment could be approved for sale in U.S. in six months
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NEW YORK (CNNfn) - U.S. regulators gave priority review status Tuesday to Glaxo Wellcome PLC's proposed treatment for irritable bowel syndrome, a move that potentially could allow the product to go on the market in six months.
The London-based pharmaceutical maker applied for fast-track status in late June, saying the treatment met priority review criteria because it represents a major advance over existing therapies. The normal FDA review process generally lasts 12 months.
Irritable bowel syndrome affects as many as 20 percent of adults in the United States, Glaxo (GLX) said. Most sufferers are women. Symptoms include chronic abdominal pain and discomfort, diarrhea and constipation.
On the FTSE 100 in London, Glaxo stock (GLXO) fell 3.37 percent to 1,634 pence late Tuesday. In New York, the company's American depositary receipts dropped 7/16 to 52-15/16. The company's U.S. operations are based in Research Triangle Park, N.C.
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Glaxo Wellcome
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