Germany's Merck suffers setback with cancer drug

 German pharmaceutical company Merck KgaA says a late stage trial of a new lung cancer drug has failed to meet expectations.
The company, based in Darmstadt, says the drug Stimuvax did not improve the overall survival of patients in the phase III study.
Merck shares fell 3.1 percent to €98.20 ($129.41) after the announcement early Wednesday.
The company is a separate entity from Merck & Co., which is based in the U.S.

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Oncothyreon lung cancer drug fails in late-stage trial

Biopharmaceutical company Oncothyreon Inc said a late-stage trial of its experimental lung cancer drug did not meet the main study goal of improving overall survival.
The drug, codenamed L-BLP25, is being tested in patients with unresectable, locally advanced stage IIIA or stage IIIB, non-small cell lung cancer (NSCLC).
The trial was conducted by Merck Serono, a division of Germany's Merck KGaA, under a license agreement with Oncothyreon.

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Merck KGaA, Oncothyreon hit as cancer vaccine fails

An experimental lung cancer vaccine from Germany's Merck KGaA failed to improve survival in a pivotal study, dealing a blow to the company and the high-risk field of using vaccines to fight tumors.
Stimuvax, which Merck licensed from U.S. biotech firm Oncothyreon, failed to increase overall survival in the Phase III clinical trial, the German chemicals and pharmaceuticals group said on Wednesday.
The trial's coordinating investigator, Frances Shepherd of the University of Toronto, said the result was disappointing, although she said "notable treatment effects were observed in certain subgroups of patients".
While this could mean that Merck might conduct more studies to try and find particular groups of patients who would benefit from the treatment, industry analysts were skeptical that Stimuvax had any future.
"Despite potential positive effects in subgroups, we consider the drug dead," said Deutsche Bank analyst Holger Blum.
The trial was testing Stimuvax on more than 1,500 patients with stage III non-small cell lung cancer whose tumors could not be completely removed via surgery and whose disease had at least stabilized following chemoradiotherapy.
Merck said it would discuss the data with experts and regulatory authorities over the coming months.
Helvea analyst Odile Rundquist, who cut her price target on Merck by 2 euros to 97 euros a share, said the setback for Stimuvax was another blow for Merck's pharmaceutical division following recent disappointments with cancer drug Erbitux and the earlier failure of cladribine in multiple sclerosis.
Merck shares fell 3.3 percent to 98.22 euros by 1145 GMT, while Germany's blue-chip DAX index was up 0.2 percent. The market impact was limited by the fact that many Merck analysts had not included Stimuvax sales forecasts in their financial models, given the risky nature of the project.
The news is a much bigger setback for the German company's small U.S. partner Oncothyreon, whose shares fell 70 percent in premarket trading on Nasdaq.
Stimuvax is one of a number so-called therapeutic cancer vaccines being developed by drug companies to fight tumors by stimulating the body's immune system.
The first such vaccine was approved two years ago but Provenge for prostate cancer, made by Dendreon, has met with limited success, due to management missteps and doctors' reluctance to adopt the difficult-to-administer therapy.
A number of other cancer vaccines are in development that analysts believe may be more successful, including a product from GlaxoSmithKline against melanoma and lung cancer which is set to report clinical trial results next year.
Some investors had already been wary about prospects for Stimuvax after Merck said in March the trial would be continued and final data would be presented later than expected, raising doubts over its success.
"Given the history of the drug's development with postponements, discontinuations and break-ups we are not surprised about today's outcome," DZ Bank analyst Peter Spengler said.

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Russia fund in consortium to back U.S. pharma firms

 Russian state technology firm Rusnano, alongside a group of investors, is investing $93 million in three U.S.-based pharmaceutical firms to develop drugs to treat illnesses such as epilepsy, the investors said on Wednesday.
Rusnano is making the investment with U.S. venture capital fund Domain Associates and other investors. Rusnano partnered with Domain in March with plans to invest around $760 million in U.S. healthcare and pharmaceutical firms to bring new drugs to the Russian market.
The three companies receiving investments - Marinus Pharmaceuticals, Lithera and Regado Biosciences - are portfolio companies of Domain and the investments will be used to register medications and undertake further clinical trials in the U.S. and Russia, the companies said.
Marinus is developing a drug for the treatment of epilepsy, Lithera works on products for aesthetic medicine and ophthalmology and Regado is developing antithrombotic products.

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Texas governor asks cancer agency to halt grants

A $3 billion cancer-fighting effort that's already under criminal investigation received yet more humiliation Wednesday when Texas Gov. Rick Perry called for a moratorium on new grants until confidence is restored in a once-celebrated agency that has plunged into turmoil in just three years.
Leaders of the Cancer Prevention and Research Institute of Texas quickly embraced the request from Perry, who unveiled the unprecedented state-run cancer fight in 2009 with promises of medical breakthroughs. But the effort has unraveled into one of Texas' biggest tempests involving a state agency in Perry's 12 years as governor.
A key Republican lawmaker who filed the original bill creating CPRIT piled on Wednesday by introducing new legislation, this time calling for new polices to bolster agency oversight and accountability. The agency also faces another round of scrutiny Thursday in front of a key state budget-writing committee.
"The mission of defeating cancer is too important to be derailed by inadequate processes and a lack of oversight," Perry said in a letter to CPRIT's oversight committee. That panel includes members appointed by Perry and some of his top political donors.
The governor added, "It is important that we restore the confidence of the Texas taxpayers who approved this important initiative before new funds are dispersed."
The letter was co-signed by Lt. Gov. David Dewhurst and state House Speaker Joe Straus, who also appoints members of the agency's governing board.
CPRIT controls the nation's second-largest pot of cancer research dollars, behind the National Institutes of Health. That federal department's cancer-research arm, the National Cancer Institute, also has said it is reviewing the troubles surrounding the Texas agency.
NCI confers on CPRIT prestigious status as an approved funding entity and losing that designation would be another blow for the beleaguered agency. It's already under a criminal investigation, is the target of widespread rebuke from scientists and has seen its leadership purged by resignations, including its executive director last week.
In a statement, oversight committee Chairman Jimmy Mansour and Vice Chairman Joseph Bailes said they agreed with Perry's call to cooperate with current reviews, implement recommended changes, enact reforms and fill key positions.
"These issues need to be resolved to restore public confidence in CPRIT," they said in a joint statement.
The reviews began after CPRIT disclosed that an $11 million grant to a private company had bypassed review.
The award to Dallas-based Peloton Therapeutics, a biomedical startup, marked the second time this year that a lucrative taxpayer-funded grant authorized by CPRIT instigated backlash and raised questions about oversight.
The first involved a $20 million grant to M.D. Anderson Cancer Center in Houston that CPRIT's former chief science officer, Nobel laureate Dr. Alfred Gilman, described as a thin proposal that should have first been scrutinized by an outside panel of scientific peer-reviewers, even though none was required under the agency's rules.
Dozens of the nation's top scientists agreed. They resigned en masse from the agency's peer-review panels along with Gilman. Some accused the agency of "hucksterism" and charting a politically-driven path that was putting commercial product-development above science.

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LG unveils gorgeous new HDTV models with Google TV 3.0

Google TV 1.0 and Google TV 2.0 haven’t drawn much attention in the marketplace at this point, but that won’t stop Google TV 3.0-packing HDTVs from swarming the Consumer Electronics Show in Las Vega, Nevada next month. LG (066570) is among the first to take the wraps off of new televisions with the third major iteration of Google’s (GOOG) software baked in, and it will be bringing 42-, 47-, 50-, 55- and 60-inch models to CES 2013 next month.
[More from BGR: Sprint salesman refuses to sell iPhone to customer, says his ‘fingers are too fat’ to use it]
Split into two lines — GA7900 and GA6400 — the sets feature ultra-thin bezels surrounding LG’s vivid display panels along with a new stand, integrated OnLive gaming and a redesigned Magic Remote with an integrated QWERTY keypad.
[More from BGR: First photos of BlackBerry 10 ‘N-Series’ QWERTY smartphone leak]
“LG is committed to providing diverse home entertainment options that offer the most satisfying user experience and the latest LG Smart TVs with Google TV do just that,” CEO of LG Electronics’ home entertainment business Havis Kwon said. “They deliver a stellar user experience by merging the latest Google TV platform with LG’s proven Smart TV technology. The result is a comprehensive system that is groundbreaking in its simplicity.”
LG’s full press release follows below.
LG Expands Google TV Line-Up For 2013
To Be Introduced at CES 2013, Seven New Models to Offer Most User-friendly Way to Search and Discover Amazing Content
ENGLEWOOD CLIFFS, N.J., Dec. 24, 2012 /PRNewswire/ – Building on the success of its Smart TVs with Google TV, LG Electronics (LG) is expanding its 2013 Google TV lineup to seven models in five screen sizes for 2013 – including premium models featuring LG’s popular CINEMA SCREEN design, the company announced today.
The extended LG Google TV lineup, which will be officially introduced at next month’s 2013 International CES® in Las Vegas, encompasses two model series (GA7900 and GA6400) designed to deliver an outstandingly intuitive user experience, various sizes and new design to better meet consumers’ expectations.
Google’s latest platform and LG’s redesigned Magic Qwerty Remote work together to enhance the effectiveness of Voice Search and the PrimeTime quick guide. The updated Home Dashboard also adds to the user experience by offering convenient, streamlined access to premium video on-demand, such as HBO GO, content from YouTube and more apps*. Discovering exciting new content from the rich pool of choices available on LG Google TV has never been easier. Additionally, the premium models will incorporate LG’s advanced CINEMA SCREEN design for an undeniably sleek and modern finish.
“LG is committed to providing diverse home entertainment options that offer the most satisfying user experience and the latest LG Smart TVs with Google TV do just that,” said Havis Kwon, President and CEO of the LG Electronics Home Entertainment Company. “They deliver a stellar user experience by merging the latest Google TV platform with LG’s proven Smart TV technology. The result is a comprehensive system that is groundbreaking in its simplicity.”
LG Google TV aims to redefine the user experience. The new Home Dashboard offers varied types of “cards” that act as folders to display apps and other content. The new “My Interest” Card can even display useful information including real-time weather and customizable news.
The entire user interface can be navigated using the redesigned Magic Qwerty Remote, which combines a complete keyboard with the convenient benefits of the Magic Remote’s point-and-click control. The enhanced natural language recognition incorporated in the revamped remote is a perfect match with Google’s outstanding search functionality so that broadcast TV or Internet content can be found with only one vocal command. Consumers can use search terms like “romantic comedy” to get results.  Consumers can also tell it to switch to a specific channel number, station or website with one voice command, eliminating extra scrolling and controller clicking. The overall voice-based capabilities multiply the effectiveness of the PrimeTime quick guide to provide an ultimate user experience and make browsing through the more than 100,000 available movies and TV episodes on LG Google TV a breeze.
The LG Smart TV with Google TV offers superb connectivity options and can connect to a variety of devices wirelessly. The latest YouTube app update for Android, smart phones and tablets can be automatically paired with Google TV over the same home network via Wi-Fi, making it easy to send videos from your device to your TV with just the touch of one button.  Gamers will be pleased to know that LG Google TV will offer the OnLive® app pre-installed, which transforms the TV into an incredible gaming platform without the need for a separate console. The app makes hundreds of high quality video games available instantly from the cloud.
The embedded dual core CPU enables easy menu navigation, fast Internet browsing and video streaming. The additional processor power allows the TruPicture XD Engine to process images more quickly and precisely, resulting in richer colors, deeper contrast and greater overall picture clarity. Also offering CINEMA 3D TV functionality, the LG Google TV employs FPR technology to give movie buffs and gamers a great 3D effect.
The GA6400 series will be available in 42-, 47-, 50-, 55- and 60-inch class screen sizes (42.0-, 47.0-, 50.0-, 55.6- and 59.8-inch diagonals, respectively).  LG applied its CINEMA SCREEN design to its 2013 premium GA7900 series (47- and 55-inch class screen sizes) to offer a sleek, modern look for discerning consumers who want the Google experience, but don’t want to sacrifice on aesthetics. This design further minimizes width of the bezel, giving the TV a streamlined appearance while creating the impression of a borderless display. Along with the LG Google TV’s unique stand design, it integrates perfectly with interior design of a living room.
*Smart TV devices include HDTVs, Blu-ray Disc Players and Network Home Theater Systems. Internet connection and certain subscriptions required and sold separately. Content and services vary by product and are subject to change without notice.
*For a small percentage of the population, the viewing of stereoscopic 3D video may cause discomfort such as dizziness or nausea. If you experience any of these symptoms, discontinue using the 3D functionality and contact your health care provider.
*Designs, features and specifications subject to change without notice.

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Ind. taxpayers to see $111 credit from surplus

Indiana taxpayers will receive a $111 credit on their state income tax returns next year as the state distributes part of its budget surplus.
Gov. Mitch Daniels on Wednesday announced the credit that will be $222 for couples filing joint returns. The credit represents the automatic taxpayer refund plan that Daniels pushed through the state Legislature last year.
That refund kicked with the state's reserves reaching about $2.1 billion. The governor's office says about $360 million will go toward the tax credits, with another $360 million to the state's pension liabilities.
Daniels says including the credit on tax returns is simpler and less expensive than mailing out additional checks.
Critics argue that Daniels created the surplus by cutting money for public schools, the child welfare agency and other important services.

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Lawmakers urged to resolve property tax inequities

 County and real estate officials urged the Legislature on Wednesday to deal with a thorny problem of property tax inequities among New Mexico homeowners, also known as "tax lightning," when taxes skyrocket on some residential property.
At issue are widely varying valuations of residential property for tax purposes and continuing fallout from a more than decade-old law intended to protect longtime homeowners in communities such as Santa Fe when market prices — and potentially property tax bills — were rising dramatically.
Several county officials told a legislative committee it's a good time for lawmakers to resolve the property tax problem because recent market declines will ease some of the needed valuation changes.
The goal is to equalize valuations of residential property — ensuring that New Mexicans pay their fair share of property taxes — but minimize the tax increases for those whose homes are assessed for tax purposes at well below market prices.
Under a law that took effect in 2001, property values can climb only 3 percent a year for tax purposes. However, that doesn't apply when a home changes hands. New homeowners can be hit by "tax lightning" and their property taxes are much higher than their neighbors whose houses are covered by the 3 percent annual cap.
A homeowner's property tax bill depends upon local tax rates as well as the taxable valuation of their property.
San Juan County Assessor Clyde Ward outlined a proposal to a legislative committee to update the assessed valuation of most homes to 90 percent of market values. However, there would be limits on the valuation increases for certain people, including those who've lived in their homes at least 10 years.
He estimated that one-third of the homes in New Mexico were valued at less than 80 percent of market values.
The proposal was developed by a task force assembled by the Realtors Association of New Mexico. Among those who participated were county assessors, the New Mexico Association of Counties, a legislator who leads a tax committee and officials from budget and tax agencies in Gov. Susana Martinez's administration.
Ward and Gary Perez, Santa Fe County deputy assessor, acknowledged that some New Mexicans will face property tax increases but said the proposal softens the impact.
"It's not a win-win situation," said Ward. "We're going to have a near-win, near-win situation because there is no way we can rip this off after so many years of the cap being in place. We have to have some sort of adjustment."
The effect of the proposal would vary widely from county to county. Only about 10 percent of homes in Santa Fe are below 90 percent of market value, according to Perez.
In the Albuquerque area, however, there are some homes at about 40 percent of market value, lawmakers were told.
Sen. Peter Wirth, D-Santa Fe, expressed concern that the proposal could cause large tax increases if property valuations jump by as much as 40 percent for some homeowners.
"How is that not going to result in a displacement situation where someone simply can't afford to pay those taxes?" Wirth asked.
County officials said there are protections in current law, including a freeze on valuations for low-income and elderly taxpayers. They also emphasized that all homeowners potentially suffer from higher tax rates when property valuations are artificially low. If property valuations are equalized, they said, there's a broader tax base and rates potentially may go down under the state's "yield control" law that's supposed to prevent large revenue spikes for government simply from a property revaluation.

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Exclusive: India's fiscal deficit could reach 5.5-5.6 percent of GDP in 2012/13 - source

 India's fiscal deficit could reach 5.5-5.6 percent of GDP in the current fiscal year that ends in March, forcing the government to borrow up to 400 billion rupees ($7.2 billion) extra from the market, a senior government official told Reuters on Thursday
Just last month, subdued tax revenue and higher spending on subsidies forced the government to revise its fiscal deficit target to 5.3 percent for the current financial year from a previous target of 5.1 percent.
However, a dismal response to last week's auction of mobile phone airwaves, has cast doubts on that target.
India, which had budgeted for 400 billion rupees revenue from the auction of mobile phone airwaves, managed to raise about 94 billion rupees from an auction this month. The government plans to conduct a second auction in this financial year for the unsold airwaves.

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Consumer sentiment stalls ahead of Black Friday

 Consumer sentiment weakened in November as the holiday shopping period was getting underway amid growing uncertainty over federal tax and spending programs next year, a survey released on Wednesday showed.
The Thomson Reuters/University of Michigan's final reading on consumer sentiment came in at 82.7, a touch up from 82.6 in October but down from a preliminary reading of 84.9 released earlier this month.
It was also below the median forecast of 84.5 among economists polled by Reuters.
The softening in sentiment comes as the holiday shopping season kicks off with the so-called Black Friday shopping day after this week's Thanksgiving holiday. The period is critical for retailers, who often see their books turn from loss to profit at the end of the year.
"This holiday season might be softer than last year," said Conrad Dequadros, senior economist at RDQ Economics in New York, citing the late October storm that crippled the Northeast and the ongoing impasse in Washington over budget talks.
But Dequadros added: "Even with the pullback, we are sitting near the high of the recovery."
The main culprit behind the index's softening came in how consumers see the future. The survey's gauge of consumer expectations slipped to 77.6 from 79.0 in October and was lower than the forecast of 80.1.
"The late-month retreat was accompanied by more economic uncertainty about future federal taxes and spending programs and the inability of the political parties to reach a settlement," survey director Richard Curtin said in a statement.
The survey's barometer of current economic conditions fared better. The gauge, which measures how consumers view their present situation, rose to 90.7 from an October final reading of 88.1 and just above a forecast of 90.6.
U.S. retail sales should rise 4.1 percent this holiday season, slower growth than in the past two years as mixed economic data and political uncertainty weigh on consumers, the National Retail Federation said in October.
Peter Boockvar, a portfolio manager at Miller Tabak, said the confidence numbers in themselves are not a reliable indication of how holiday sales will shape up.
"In terms of holiday spending, confidence is a coincident indicator and thus won't tell us much about how much spending we'll see relative to the same time last year," he said in an e-mail.
The Thomson Reuters/University of Michigan survey's one-year inflation expectations were steady at 3.1 percent, while the survey's five-to-10-year inflation outlook was at 2.8 percent from 2.7 percent.

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