BMS DISCONTINUES DEVELOPMENT OF DIABETES DRUG

Bristol-Myers Squibb (BMS), headquartered in New York, has discontinued development of muraglitazar after determining that the type 2 diabetes drug would take several more years to get FDA approval.

In October 2005 the FDA issued an approvable letter for muraglitazar requesting additional information regarding the drug's cardiovascular safety profile -- a development BMS determined could delay approval for as much as five years.

"Based on this assessment, the company's commercial evaluation of other diabetes alternatives likely to be available in five years and consideration of competing development opportunities in the company's portfolio, Bristol-Myers Squibb has decided to discontinue the compound's development," BMS said in a release.