GlaxoSmithKline Sued By Texas Family Over Avandia
DOW JONES NEWSWIRES
June 20, 2007 4:07 p.m.
LONDON (Dow Jones)--GlaxoSmithKline PLC (GSK) is being sued by the family of a man who died of a heart attack while taking the company's Avandia diabetes medication, according to a statement from the family's lawyer.
Larry Alan Stanford died May 21, on the same day that a report was published in The New England Journal of Medicine that suggested the medication might increase the of heart attacks.
Alice Hunt, GlaxoSmithKline director of corporate media, said the company stood behind its product.
"We will vigorously defend our medicine," she said. "We stand firmly behind the safety of our product, and are confident that we have acted responsibly, transparently and with the best interest of patients at heart.
"Any fair examination of the company's record will show that GSK has thoroughly studied the safety and effectiveness of Avandia, and widely communicated that information to regulatory authorities, scientific peers, physicians and others in a variety of ways."
As a result, U.S. prescriptions have declined and GlaxoSmithKline shares have dropped almost 12% since the New England Journal of Medicine report was published. The shares closed Wednesday up 5 pence, or 0.4%, 1,315 pence.
Stephen Drinnon of the Drinnon Law Firm in Dallas, who represents the family, said: "I believe the evidence will show the company knew there were problems with Avandia, but decided to keep on selling it to Larry and others."
Avandia is the brand name for Rosiglitazone, which first gained approval from the U.S. Food and Drug Administration in May 1999.
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