FDA approves new targeted breast cancer drug

WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.

The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.

Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.

"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."

Cobleigh helped conduct the key studies of the drug at the Chicago facility.

The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.

The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.

Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.

FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.

Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.

FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug. Doctors are not required to follow FDA prescribing guidelines, and cancer researchers say the drug could have great potential in patients with earlier forms of breast cancer

Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.

Kadcyla was developed by South San Francisco-based Genentech using drug-binding technology licensed from Waltham, Mass.-based ImmunoGen. The company developed the chemical that keeps the drug cocktail together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.

Shares of ImmunoGen Inc. rose 2 cents to $14.32 in afternoon trading. The stock has ttraded in a 52-wek range of $10.85 to $18.10.

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Investors face another Washington deadline

NEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.

Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.

Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.

"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.

Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.

But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.

National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.

"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

OPTIONS BULLS TARGET GAINS

The spending cuts, if they go ahead, could hit the defense industry particularly hard.

Yet in the options market, bulls were targeting gains in Lockheed Martin Corp , the Pentagon's biggest supplier.

Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.

"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.

The stock ended up 0.6 percent at $88.12 on Friday.

If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp and Smith & Wesson Holding Corp could be affected.

General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.

EYES ON GDP DATA, APPLE

The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.

U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.

Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.

Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.

On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.

(Additional reporting by Doris Frankel; Editing by Kenneth Barry)

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Iran announces uranium finds, days before nuclear talks

DUBAI (Reuters) - Days before resuming talks over its disputed atomic program, Iran said on Saturday it had found significant new deposits of raw uranium and identified sites for 16 more nuclear power stations.

State news agency IRNA quoted a report by the Atomic Energy Organisation of Iran (AEOI) which said the reserves were discovered in northern and southern coastal areas and had trebled the amount outlined in previous estimates.

There was no independent confirmation. With few uranium mines of its own, Western experts had previously thought that Iran might be close to exhausting its supply of raw uranium.

"We have discovered new sources of uranium in the country and we will put them to use in the near future," Fereydoun Abbasi-Davani, head of the AEOI, was quoted as saying at Iran's annual nuclear industry conference.

The timing of the announcement suggested Iran, by talking up its reserves and nuclear ambitions, may hope to strengthen its negotiating hand at talks in Kazakhstan on Tuesday with the United States, Russia, China, Britain, France and Germany.

Diplomats say the six powers, known as the P5+1, are set to offer Iran some relief from international sanctions if it agrees to curb its production of higher-grade enriched uranium.

The West says Iran's enrichment of uranium to a fissile purity of 20 percent demonstrates its intent to develop a nuclear weapons capability, an allegation the Islamic republic denies.

FROM MINE TO CENTRIFUGE

The enriched uranium required for use in nuclear reactors or weapons is produced in centrifuges that spin uranium hexafluoride gas (UF6) at high speeds. The UF6 is derived from yellow cake, a concentrate from uranium ore discovered in mines.

Iran's reserves of raw uranium now stood at around 4,400 tonnes, taking into account discoveries over the past 18 months, IRNA quoted the report as saying.

In another sign that Iran is intent on pushing forward with its nuclear ambitions, the report also said 16 sites had been identified for the construction of nuclear power stations.

It did not specify the exact locations but said they included coastal areas of the Gulf, Sea of Oman, Khuzestan province and the Caspian Sea.

Iranian authorities have long announced their desire to build more nuclear power plants for electricity production. Only one currently exists, in the southern city of Bushehr, and that has suffered several shutdowns in recent months.

The announcements could further complicate the search for a breakthrough in Kazakhstan, after three unsuccessful rounds of talks between the two sides in 2012.

"We are meeting all of our obligations under the nuclear Non-Proliferation Treaty and we should be able to benefit from our rights. We don't accept more responsibilities and less rights," Saeed Jalili, Iran's chief nuclear negotiator, was quoted as telling Saturday's conference.

In what Washington has called a provocative move, Iran is also installing new-generation centrifuges, capable of producing enriched uranium much faster, at a site in Natanz in the centre of the country.

Western diplomats say the P5+1 will reiterate demands for the suspension of uranium enrichment to a purity of 20 percent, the closure of Iran's Fordow enrichment plant, increased access for International Atomic Energy Agency inspectors and agreement to address concerns on existing uranium stockpiles.

In return, the latest embargoes on gold and metals trading with Iran would be lifted. Iran has criticized the offer and says its rights need to be fully recognized.

"If the P5+1 group wants to start constructive talks with Tehran it needs to present a valid proposal," said Jalili. "It needs to put its past errors to one side ... to win the trust of the Iranian nation."

In a statement issued before the Iranian announcement, German Foreign Minister Guido Westerwelle said the six-power group wanted to enter a 'substantial negotiation process' over Tehran's nuclear program.

"The talks in Almaty are a chance which I hope Iran takes," he said.

(Additional reporting by Alexandra Hudson in Berlin; Editing by Mark Trevelyan)

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Sony confirms PlayStation 4 will play used games

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Check Out Jennifer Lawrence's Striking First Shots as the Face of Miss Dior

Stylewatch
Style News Now

02/22/2013 at 11:42 AM ET

Courtesy Dior

She’s developed a reputation as a bit of a firecracker, but in her debut ads for Miss Dior, Jennifer Lawrence is the picture of understated, ladylike elegance.

The images, released two days before Lawrence walks the Oscars red carpet in what we predict will be another beautiful Christian Dior creation, show the actress as a dark brunette, posing in monochromatic looks with the line’s colorful quilted handbags, or bare-shouldered with one statement piece, including a bejeweled necklace and birdcage veil. See two more shots from the campaign, below:

Courtesy Dior

Lawrence is following in the footsteps of another red-hot Miss Dior frontwoman, Mila Kunis, though the latest round of ads are more sleek and modern than Kunis’s ’50s-inspired, retro-glam shots.

Tell us: What do you think of the first look at Jennifer Lawrence for Miss Dior? Are you excited to see what she wears to the Oscars?

–Alex Apatoff

PHOTOS: SEE MORE CELEBRITY AD CAMPAIGNS HERE!

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FDA approves new targeted breast cancer drug

WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.

The drug Kadcyla (kad-SY'-luh) from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a double-shot of anti-tumor poison.

Cancer researchers say the drug may offer a clear advantage over older drugs because it delivers more medication with fewer side effects.

The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2.

The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.

Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.

FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.

Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.

FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug.

Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.

Kadcyla was co-developed by South San Francisco-based Genentech and ImmunoGen Inc., of Waltham, Mass. ImmunoGen developed the technology that binds the drug ingredients together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.

Shares of ImmunoGen Inc. rose 33 cents, or 2.27 percent, to $14.63 in midday trading.

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Pistorius wins release on $113,000 bail

PRETORIA (Reuters) - A South African court granted bail on Friday to Oscar Pistorius, charged with the murder of his girlfriend on Valentine's Day, after his lawyers argued the "Blade Runner" was too famous to flee justice.

The decision by Magistrate Desmond Nair drew cheers from the Paralympics star's family and supporters. Pistorius himself was unmoved, in marked contrast to the rest of the week-long hearing when he repeatedly broke down in tears.

Nair set bail at 1 million rand ($113,000) and postponed the case until June 4. Pistorius would be released only when the court receives 100,000 rand in cash, he added.

Less than an hour later, a silver Land Rover believed to be carrying Pistorius left the court compound and sped off through the capital, pursued by members of the media on motorcycles.

Pistorius, 26, was also ordered to hand over firearms and his two South African passports, avoid his home and all witnesses in the case, report to a police station twice a week and to abstain from drinking alcohol.

The decision followed a week of dramatic testimony about how the athlete shot dead model and law graduate Reeva Steenkamp at his luxury home near Pretoria in the early hours of February 14.

Prosecutors said Pistorius committed premeditated murder when he fired four shots into a locked toilet door, hitting his girlfriend cowering on the other side. Steenkamp, 29, suffered gunshot wounds to her head, hip and arm.

Pistorius said the killing was a tragic mistake, saying he had mistaken Steenkamp for an intruder - a possibility in crime-ridden South Africa - and opened fire in a blind panic.

However, in delivering his nearly two-hour bail ruling, Nair said there were a number of "improbabilities" in Pistorius's version of events, read out to the court in an affidavit by his lawyer, Barry Roux.

"I have difficulty in appreciating why the accused would not seek to ascertain who exactly was in the toilet," Nair said. "I also have difficulty in appreciating why the deceased would not have screamed back from the toilet."

By local standards, the bail conditions are onerous but it remains to be seen if they appease opposition to the decision from groups campaigning against the violence against women that is endemic in South Africa.

"We are saddened because women are being killed in this country," said Jacqui Mofokeng, a spokeswoman for the ruling African National Congress' Women's League, whose members stood outside the court this week with banners saying "Rot in jail".

TO FAMOUS TO RUN

However, Nair said he was ultimately making his decision in the "interests of justice" and that the prosecution, who suffered a setback when the lead investigator withered under cross-examination by Roux, had failed to show Pistorius was either a flight risk or a threat to the public.

Roux stressed that the Olympic and Paralympic runner's global fame made it impossible for him to evade justice by skipping bail and leaving the country.

"He can never go anywhere unnoticed," Roux told the court.

Pistorius, whose lower legs were amputated in infancy forcing him to race on carbon fiber "blades", faces life in prison if convicted of premeditated murder.

Prosecutors had portrayed him as a cold-blooded killer and said they were confident that their case, which will have to rely heavily on forensics, would stand up to scrutiny at a full trial.

"We are going to make sure that we get enough evidence to get through this case during trial time," a spokesman for the National Prosecuting Authority told reporters.

In court, lead prosecutor Gerrie Nel was scornful of Pistorius's inability to contain his emotions. "I shoot and I think my career is over and I cry. I come to court and I cry because I feel sorry for myself," Nel said.

"DEEPLY IN LOVE"

In his affidavit, Pistorius said he was "deeply in love" with Steenkamp, and Roux said his client had no motive for the killing.

Pistorius contends he reached for a 9-mm pistol under his bed because he felt particularly vulnerable without his prosthetic limbs.

According to police, witnesses heard gunshots and screams from the athlete's home. The community is surrounded by 3-m- (yard-) high stone walls and topped with an electric fence.

In a magazine interview a week before her death, published on Friday, Steenkamp spoke about her three-month-old relationship with Pistorius.

"I absolutely adore Oscar. I respect and admire him so much," she told celebrity gossip magazine Heat. "I don't want anything to come in the way of his career."

Police pulled their lead detective off the case on Thursday after it was revealed he himself faces attempted murder charges for shooting at a minibus. He has been replaced by South Africa's top detective.

The arrest of Pistorius last week shocked those who had watched in awe last year as he reached the semi-final of the 400 meters race in the London Olympics.

The impact has been greatest in South Africa, where Pistorius was seen as a rare hero who commanded respect from both black and white people, transcending the racial divides that persist 19 years after the end of apartheid.

(Writing by Ed Cropley; Editing by Michael Roddy)

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U.S. seeks to tackle trade-secret theft by China, others

WASHINGTON (Reuters) – Faced with the growing theft of U.S. trade secrets, the White House said on Wednesday it was stepping up diplomatic pressure and mulling tougher laws to stem the threat to American businesses and security from China and other nations.

The plan includes working with like-minded governments to put pressure on bad actors, using trade policy tools, increasing criminal prosecutions and launching a 120-day review to see whether new U.S. legislation is needed.

“A hacker in China can acquire source code from a software company in Virginia without leaving his or her desk,” U.S. Attorney General Eric Holder said at a White House event to unveil the strategy.

Although the White House report did not cite China by name, many see the Asian giant as the main threat. A study released this week by a private security firm accused the Chinese military of orchestrating numerous cyber attacks against U.S. businesses, a charge Beijing has denied.

The Obama administration said its strategy aims to counter what Holder called “a significant and steadily increasing threat to America’s economy and national security interests.”

“As new technology has torn down traditional barriers to international business and global commerce, they also make it easier for criminals to steal secrets and to do so from anywhere, anywhere in the world,” Holder said.

Last week, Representative Dutch Ruppersberger, the top Democrat on the House of Representatives Intelligence Committee, said U.S. companies suffered estimated losses in 2012 of more than $ 300 billion due to theft of trade secrets, a large share due to Chinese cyber espionage.

The White House report listed 17 cases of trade-secret theft by Chinese companies or individuals since 2010, far more than any other country mentioned in the report.

U.S. corporate victims of trade-secret theft have included General Motors, Ford, DuPont, Dow Chemical, Motorola, Boeing and Cargill. A target company can see the payoff from research investment evaporate as a result of corporate espionage and lose market position, competitive advantage and efficiencies.

“We have repeatedly raised our concerns about trade-secret theft by any means at the highest levels with senior Chinese officials and we will continue to do so,” said Robert Hormats, an undersecretary of state.

Those cases cited mostly involved employees stealing trade secrets on the job rather than cyber attacks.

Victoria Espinel, the White House intellectual property rights enforcement coordinator, said the effort aims to protect the innovation that drives the U.S. economy and job creation.

MIXED RESPONSE

Cybersecurity and intelligence experts welcomed the White House plan as a first step, but some said much more needed to be done.

“You’ve got a nation-state taking on private corporations,” said former CIA Director Michael Hayden. “That’s kind of unprecedented … We have not approached resolution with this at all.”

The U.S. Chamber of Commerce, the nation’s largest business lobby, offered a lukewarm statement of support, while other industry groups expressed more enthusiasm for the effort.

“We strongly endorse and applaud the administration’s focus on curbing theft of trade secrets, which poses a serious and growing threat to the software industry around the world,” said Business Software Alliance President and CEO Robert Holleyman.

The report that laid out the strategy repeated a 2011 White House recommendation that the maximum sentence for economic espionage be increased to at least 20 years, from 15 currently.

Another part of the solution is promoting a set of “best practices” that companies can use to protect themselves against cyber attacks and other espionage, Espinel said.

The report also said the U.S. Federal Bureau of Investigation was “expanding its efforts to fight computer intrusions that involve the theft of trade secrets by individual, corporate and nation-state cyber hackers.”

In an interview, U.S. Trade Representative Ron Kirk said the problem of trade-secret theft in China was a factor in the decisions of some U.S. companies to move operations back to the United States.

The companies have “had very frank conversations with the Chinese, (saying) ‘You know it’s one thing to accept a certain level of copyright knock-offs, but if you’re going to take our core technology, then we’re better off being in our home country,’” Kirk told Reuters.

(Additional reporting by Matt Spetalnick and Deborah Charles; Editing by Tim Ahmann and Eric Beech)

Tech News Headlines – Yahoo! News

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Taylor Swift Channels Beyoncé at Brit Awards

By Aaron Parsley

02/21/2013 at 11:40 AM EST

Does Sasha Fierce have a pop-country cousin?

During a sassy performance of "I Knew You Were Trouble" at Wednesday's Brit Awards, Taylor Swift shed a white wedding dress to reveal a black embellished jumpsuit, sexy boots – and some familiar moves.

Striking a pose, tossing her hair and even falling to her knees to belt out the hit song, Swift, 23, resembled Beyoncé in her highly buzzed-about Super Bowl halftime performance on Feb. 3. Flip through a carousel of photos from the performance above.

At the awards ceremony at London's O2 arena, Swift handed out the best British female prize to soulful Scottish singer and songwriter Emeli Sandé, who also took home the best album prize for her debut, Our Version of Events.

A nominee for international female solo artist, Swift lost in that category to another American, Lana Del Rey.

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Adults get 11 percent of calories from fast food

ATLANTA (AP) — On an average day, U.S. adults get roughly 11 percent of their calories from fast food, a government study shows.

That's down slightly from the 13 percent reported the last time the government tried to pin down how much of the American diet is coming from fast food. Eating fast food too frequently has been seen as a driver of America's obesity problem.

For the research, about 11,000 adults were asked extensive questions about what they ate and drank over the previous 24 hours to come up with the results.

Among the findings:

— Young adults eat more fast food than their elders; 15 percent of calories for ages 20 to 39 and dropping to 6 percent for those 60 and older.

— Blacks get more of their calories from fast-food, 15 percent compared to 11 percent for whites and Hispanics.

— Young black adults got a whopping 21 percent from the likes of Wendy's, Taco Bell and KFC.

The figures are averages. Included in the calculations are some people who almost never eat fast food, as well as others who eat a lot of it.

The survey covers the years 2007 through 2010 and was released Thursday by the Centers for Disease Control and Prevention. The authors couldn't explain why the proportion of calories from fast food dropped from the 13 percent found in a survey for 2003 through 2006.

One nutrition professor cast doubts on the latest results, saying 11 percent seemed implausibly low. New York University's Marion Nestle said it wouldn't be surprising if some people under-reported their hamburgers, fries and milkshakes since eating too much fast food is increasingly seen as something of a no-no.

"If I were a fast-food company, I'd say 'See, we have nothing to do with obesity! Americans are getting 90 percent of their calories somewhere else!'" she said.

The study didn't include the total number of fast-food calories, just the percentage. Previous government research suggests that the average U.S. adult each day consumes about 270 calories of fast food — the equivalent of a small McDonald's hamburger and a few fries.

The new CDC study found that obese people get about 13 percent of daily calories from fast food, compared with less than 10 percent for skinny and normal-weight people.

There was no difference seen by household income, except for young adults. The poorest — those with an annual household income of less than $30,000 — got 17 percent of their calories from fast food, while the figure was under 14 percent for the most affluent 20- and 30-somethings with a household income of more than $50,000.

That's not surprising since there are disproportionately higher numbers of fast-food restaurants in low-income neighborhoods, Nestle said.

Fast food is accessible and "it's cheap," she said.

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