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Business Highlights

Device approval exposes political pressure on FDA

WASHINGTON (AP) ¿ The Food and Drug Administration has taken the unprecedented step of acknowledging that it buckled to "extreme" pressure from Capitol Hill in its approval of a knee repair device last year. While FDA officials call the situation an anomaly, experts said Friday there is nothing to stop similar political lobbying from influencing future decisions.

In a sweeping critique Thursday, FDA leadership said the agency failed to protect its scientists from outside pressure after they twice rejected ReGen Biologics' Menaflex device.

The Hackensack, N.J.-based company ultimately won approval last December after enlisting the support of four New Jersey lawmakers, who urged then-FDA Commissioner Andrew von Eschenbach to intervene on the company's behalf.

Approval came despite protests by FDA scientists that Menaflex ¿ which reinforces damaged knee tissue ¿ provided little, if any, benefit to patients.


Reports on manufacturing, housing weigh on stocks

Stocks fell for a third day Friday after disappointing reports on manufacturing and home sales further dampened enthusiasm about the state of the economy.
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KBH $14.02 -0.07%
TRU $25.39 -0.94%
AAPL $117.86 -0.14%
FB $105.15 -0.25%
GOOG $749.22 0.14%


Chart of I:DJI
DOW 17,787.24 -26.15 -0.15%
S&P 500 2,086.97 -1.90 -0.09%
NASDAQ 5,116.2180 +0.0750 0.00%

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