CytRx Corp. said U.S. regulators agreed to put its experimental treatment for amyotrophic lateral sclerosis, known as Lou Gehrig's disease, on a fast track toward approval.
CytRx started the second of three phases of human studies needed to get U.S. Food and Drug Administration approval for the drug, called arimoclomol. The FDA fast track designation helps speed development and eventual marketing of drugs for the life-threatening disease with few existing treatments.
The drug is one of the more advanced experimental treatments being developed against the degenerative nerve disorder. There is no cure for the disease, which causes a degeneration of the brain and spinal cord.
- Bloomberg News
U.S. Investor Optimism Plunges on Oil Fears, UBS Says
Katrina fuels concerns; investor optimism drops
Optimism among U.S. investors slumped to the lowest in 2 1/2 years, according to a UBS AG and Gallup Organization poll, as Hurricane Katrina intensified concern that higher oil prices will be sustained.
The index of optimism dropped to 34 in September after rising for three straight months to 61 in August. This month's reading was the lowest since it reached five in March 2003, after the U.S. declared war on Iraq.
''High energy prices, rising interest rates and rising inflation are going to cause a lot of problems for the market,'' said John Murphy, chief technical analyst at StockCharts.com in Hackensack, N.J. ''Consumers are losing confidence.''
The UBS/Gallup survey showed that 54 percent of those polled said energy prices are hurting the investment climate ''a great deal,'' compared with 34 percent that said they're having a ''moderate'' impact.
- Bloomberg News
