FDA approves new tuberculosis drug
The Food and Drug Administration on Monday approved a Johnson & Johnson tuberculosis drug that is the first new medicine to fight the deadly infection in more than four decades.
The agency approved J&J’s pill, Sirturo, for use with older drugs to fight a hard-to-treat strain of tuberculosis that has not responded to other medications. However, the agency cautioned that the drug carries risks of potentially deadly heart problems and should be prescribed carefully by doctors.
Roughly one-third of the world’s population is estimated to be infected with the bacteria causing tuberculosis. The disease is rare in the U.S., but kills about 1.4 million people a year worldwide. Of those, about 150,000 succumb to the increasingly common drug-resistant forms of the disease.
Azoff resigns, sells Live Nation stake
Irving Azoff, the longtime manager of the Eagles band, is resigning as chairman of concert promoter Live Nation Entertainment Inc. and selling off 1.7 million shares to Liberty Media Corp.
Azoff, 65, will continue to manage some of the acts that he brought to the company, including the Eagles and Christina Aguilera, but he will no longer be the CEO of Front Line, the artist management company he sold to Ticketmaster in 2008.
Live Nation, which merged with Ticketmaster in January 2010 after intense government scrutiny, said in a statement it did not expect Azoff’s departure or the restructuring to have a material impact on its operating results.
The surprise announcement Monday came in a slow period during the winter holidays, when companies sometimes release news to avoid a lot of media attention.
The announcement followed word from Live Nation on Friday that it had extended the term of CEO Michael Rapino for another three years, through December 2017.
Oil prices increase
Oil prices rose Monday as U.S. political leaders moved toward averting the “fiscal cliff” just hours before the deadline.
Benchmark U.S. crude rose $1.02 to finish at $91.82 per barrel in New York. Oil has wavered in recent weeks along with the ups and downs of the budget negotiations.
The national average for gasoline was at $3.29 per gallon Monday, well under the average of nearly $3.40 a month ago but 2 cents higher than a year ago.
LodgeNet files for Chap. 11 protection
LodgeNet Investment Corp. said Monday that it is filing for Chapter 11 bankruptcy protection and will be acquired by investment firm Colony Capital.
LodgeNet provides video, Internet and advertising services to the lodging and health-care sectors. The company will continue to operate during the expedited bankruptcy process.
Vindicator wire reports
Selected local stocks
Aqua America, .70, 25.44 .34
Clear Channel, .73 31.61 .27
Cortland Bancorp, 9.70.00
Farmers Nat., .126.20 .13
First Energy, 2.20, 41.75.57
FirstMerit Corp., .64,14.19 .07
First Niles Financial, .32,6.45.45
First Place Fin., .005—.00
FNB Corp., .48,10.61.07
General Electric, .68,20.98.54
Motors Liquidation, .0422.00
Huntington Bank, .16, 6.39.11
JP Morgan Chase, 1.20,43.99.75
Key Corp, .20,8.43.08
LaFarge, 16.20 .48
Macy’s, .80, 39.031.67
Parker Hannifin, 1.64, 85.091.23
RTI Intl. Metals,27.57.47
Simon Prop. Grp.,4.40,158.092.07
Stoneridge 5.12 .25
United Community Fin. 2.89.06
Selected prices at 4 p.m. Monday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.