Pfizer Inc. and Eli Lilly and Co. said Thursday that a joint advisory committee of the U.S. Food and Drug Administration has voted against their investigational tanezumab drug for the treatment of certain types of arthritis in adults when use of other drugs aren't possible. "While we are disappointed with today's outcome, we continue to believe that tanezumab has a positive benefit-risk profile for patients with moderate-to-severe osteoarthritis pain for whom current treatments are ineffective or not appropriate," Ken Verburg, tanezumab development team leader at Pfizer, said in a statement. There was one voting question focused on whether the drug's benefits outweigh its risks, and the committee voted 19-1 against it, the companies said.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.