Scotia Shares Drop; Tarabetic Unapprovable
The UK Medicines Control Agency has notified UK biotechnology companyScotia that it is unable to recommend marketing approval of Tarabetic, a treatment for diabetic neuropathy, following a meeting with the Committee on Safety of Medicines, an advisory board to the MCA. The company said that the decision was made because varying results were obtained from different trial centers.
Shares in the company fell 135 pence ($2.16), or 24%, to 435 pence on the day of the announcement. The decision by the CSM is not binding, and Scotia has asked the Medicines Commission, another advisory board to the MCA, to review the drug and make the final recommendation.
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