Hi-Tech gets generic brand OK
The FDA has approved Hi-Tech Pharmacal Co.'s application to make and sell a generic form of levofloxacin, an antibiotic -- and the company said it's ready to produce the medication right away. The Amityville drugmaker asked the Food and Drug Administration for permission to produce the generic version of Levaquin, made by McNeil Pharmaceutical, after the patent on that drug expired. The antibiotic "is indicated for the treatment of adults with mild, moderate and severe infections," Hi-Tech said. Hi-Tech said it has 13 products awaiting approval at the FDA and another 20 products in active development including sterile ophthalmic products, oral solutions and suspensions and nasal sprays. -- JOSEPH MALLIA
Chembio adds two to board
Chembio Diagnostics Systems Inc. of Medford has added two new members to its board of directors. The two, Dr. Barbara A.t DeBuono and Peter Kissinger, will start July 1. DeBuono, who since May has been president and chief executive of Orbis International, is a former health commissioner for New York State who held a similar position in Rhode Island. She was executive director for public health and government at Pfizer Inc. from 2000-2008. Kissinger founded and is chairman emeritus of Bioanalytical Systems Inc., which he served as chief executive from 1974 to 2007; and he is a former chief executive of Prosolia Inc. He is professor of chemistry at Purdue University and has published more than 230 scientific papers. The company develops, makes, sells and licenses point-of-care diagnostic tests. -- JOSEPH MALLIA
Greece aside, stocks still climb
Stocks rose for a fourth day straight yesterday on hopes that a vote of confidence in the Greek government will help the country avoid a default. Gains were widespread, with nine out of 10 industry groups higher. Materials producers and other companies whose profits are closely tied to global economic growth had the biggest gains. Only consumer goods saw a decline. The Standard & Poor's 500 index rose 17.16 points, or 1.34 percent, to close at 1,295.52. The last time the S&P rose four days straight was at the end of May. The Dow Jones industrial average rose 109.63, or 0.91 percent, to 12,190.01. The Nasdaq composite rose 57.60, or 2.19 percent, to 2,687.26.
May existing-home sales down
Fewer people bought previously occupied homes in May, lowering sales to their weakest point of the year. Home sales sank 3.8 percent last month to a seasonally adjusted annual rate of 4.81 million homes, the National Association of Realtors said yesterday. That's far below the roughly 6 million annual sales rate typical in healthy housing markets. Since the housing boom went bust in 2006, sales have fallen in four of the past five years. Analysts say they expect sales to level off at about 5 million a year. That's not much better than the 4.91 million homes sold last year, the worst showing in 13 years.
Teen accused of cyber attacks
A 19-year-old man has been arrested on suspicion of involvement with cyber attacks on Sony and the CIA website, British police said yesterday. The arrest took place following a joint operation by its Internet crimes unit and the FBI, the Metropolitan Police said. The FBI declined to comment. British police would not say if the suspect was tied to the Lulz Security hacking collective, which has claimed responsibility for recent high-profile attacks, but confirmed that a computer seized in the operation will be examined for Sony data. Police declined to identify the suspect because he has not been charged with a crime.
Combined with wire service reports