announced approval of a new diabetes drug that the companies say will be in pharmacies by June.
The Food and Drug Administration approved the Byetta injection as an adjunctive therapy for type 2 diabetes for patients who have not been able to control blood sugar levels using common oral diabetes drugs. The FDA says the drug is also approvable as a stand-alone therapy.
Byetta, chemically known as exenatide, is the first drug approved from the class of incretin mimetics drugs, which work by stimulating insulin secretion, lowering blood-sugar levels after meals and while fasting. The drug restores the insulin secretion response in the pancreas, which is lost in patients with type 2 diabetes.
"Often, current treatments do not provide adequate blood-sugar control leaving patients and caregivers frustrated," says Ginger Graham, Amylin Pharmaceuticals' CEO. "Byetta, a first-in-class medicine, is a new therapy for those who are not able to effectively control their blood sugar with their current oral medications."
Eli Lilly shares were recently down 9 cents, or 0.2%, to $57.91. Amylin shares sank $1.77, or 9.7%, to $16.41.