Merck (MRK) announced that the European Medicines Agency’s (EMEA) Committee for Medicinal Products for Human Use (CHMP) has recommended approval of Elonva (corifollitropin alfa injection). Merck is seeking the drug’s approval as a treatment in controlled ovarian stimulation (COS) in combination with a GnRH antagonist for the development of multiple follicles in women who have participated in an assisted reproductive technology (ART) program. On European Commission’s approval, Merck would be able to market Elonva with unified labeling valid in all European Union Member States.

Elonva is the first in a class of sustained follicle stimulants (SFS). It scores better than the current available treatment option − a single subcutaneous injection of Elonva is likely to replace the first seven injections of any daily recombinant follicle stimulating hormone (rFSH) preparation in a COS treatment cycle.

The positive opinion of the committee is based on data from Elonva’s phase III development program,

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You've got to respect Global Witness ... for a watchdog NGO, they bring a lot of creativity and innovation to their cause (see this past campaign for another example).  GW has also done a tremendous job in the past unearthing all the corruption surrounding RosUkrEnergo, a subject which has come up again and again (let's just say the corruption scandal reaches pretty high).  Today they published another hot report to remind the European Commission how they've got it all wrong in selling out human rights and democracy to the brutal dictatorship in Turkmenistan in exchange for eventual access to natural gas ... including a collaboration with the political cartoonist David Rees.Click here ...

FDA Approves NeurogesX's Qutenza After the market closed on November 16, 2009, NeurogesX (NGSX) announced that the U.S. FDA had approved Qutenza (capsaicin patch) for the management of neuropathic pain due to postherpetic neuralgia (PHN).  We expect management to spend the next several months preparing for the launch by facilitating reimbursement procedure, establishing distribution channels, hiring and training the specialty sales force, and conducting the manufacturing for commercial supply. Key to our bullish sales forecast for the drug will be establishing a permanent reimbursement code for both the product and application, as Qutenza requires administration by a physician or healthcare professional. Qutenza is a cutaneous (skin) patch designed to treat peripheral neuropathic pain conditions. The Qutenza patch provides a pure high concentration (8%) of a synthetic capsaicin, known as trans­-capsaicin, directly to the site of pain via a rapid-delivery cutaneous delivery system designed to provide ...

Russia's Energy Minister and the EU Energy Commissioner have signed a memorandum establishing an early warning mechanism to anticipate potential gas cuts and allow time to find solutions to problems before deliveries are physically affected.  But the memorandum may be useless, suggests one analyst, as the decision to cut supplies lies with Gazprom, which has already criticized the European Union for not doing enough to head off another gas crisis this winter.  Russia may participate in the reconstruction of Ukraine's pipeline network, but Yulia Tymoshenko insists that the system will not be privatized.  Iran is not pleased with 'dishonest' Russia, after the latter said that 'technical reasons' were behind its announcement that the Bushehr nuclear plant would not be ready by the end of the year as planned.  The IAEA is continuing to press ...

Uppsala University in Sweden says the IEA's annual World Energy Outlook 'drastically underplayed the scale of future oil shortages'.  Prime Minister Vladimir Putin has won Slovenia's approval for the South Stream pipeline, 'undermining European Union efforts to reduce dependency on Russian gas supplies'.  A deal was signed late on Saturday, marking the fifth and final signatory of 'all the European partners needed for this project to be completed'.  Gazprom could receive 'exclusive rights' as a supplier of liquefied natural gas to Singapore after the expiry of a current contract with British Gas.  RusAl is planning to sell a 10% stake to help repay its $14 billion debt, and may offer special ventures and access deals in a reported bid to help China take the lion's share.  Iranian President Mahmoud Ahmadinejad says his country's nuclear rights are 'not ...

The Trade Deficit decreased to $36.5 billion in September from $30.8 billion in August.  September exports increased by $3.7 billion to $132.0 billion, offset by the increase in imports by $9.3 billion to $168.4 billion.  The Commerce Department provided the September figures of the trade balance of the U.S. relative to selected trading partners, in billions of dollars, with surpluses in Hong Kong ($1.9), Australia ($0.9), Singapore ($0.3), and Egypt ($0.3).  Deficits were recorded, in billions of dollars, with China ($22.1), OPEC ($7.9),the European Union ($5.5), Mexico ($4.6), Japan ($4.1), Venezuela ($2.0), Nigeria ($1.9), Canada ($1.5), Korea ($0.8), and Taiwan ($0.7).

Upcoming Releases Retail Sales (11/16 at 8:30 AM EST) Business Inventories (11/16 at 10:00 AM EST) PPI (11/17 at 8:30 AM EST) Industrial Production (11/17 at 9:15 AM EST)

Zacks Investment Research

For Immediate Release

Chicago, IL – November 13, 2009 – Zacks.com announces the latest Industry Outlook. Today, Zacks Equity Research discusses the Steel Industry, including ArcelorMittal (MT), Steel Dynamics Inc. (STLD), AK Steel Holding Corporation (AKS), United States Steel Corporation (X) and Nucor Corporation (NUE).

A synopsis of today’s Industry Outlook is presented below. The full article can be read at http://www.zacks.com/stock/news/27253/Steel+Industry.

ArcelorMittal (MT) is the world’s largest steel company with steel production of 103.3 million tons in 2008. Other major players in the industry are Steel Dynamics Inc. (STLD), AK Steel Holding Corporation (AKS), United States Steel Corporation (X) and Nucor Corporation (NUE).

The Asia-Pacific region, especially China and India, is witnessing higher production and consumption of steel. This is due to the per capita consumption reaching up

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Gilead Sciences, Inc (GILD) is awaiting the outcome of the Anti-Infective Drugs Advisory Committee of the US Food and Drug Administration (FDA) scheduled on December 10, 2009. The committee will review Gilead ’s aztreonam for inhalation solution, an investigational product for the treatment of chronic pulmonary infections due to Pseudomonas aeruginosa (P. aeruginosa) in patients with cystic fibrosis (CF). Earlier, in September 2008, the drug was denied approval by the FDA, which then asked Gilead to resubmit the application with more data.  In September 2009, the drug received conditional marketing approval in Canada and Europe under the trade name Cayston (aztreonam lysine 75 mg powder and solvent for nebuliser solution). Gilead plans to make the product available in Germany and the UK in early 2010. Aztreonam formulated with lysine is a proprietary formulation of aztreonam developed specifically for inhalation, which has orphan drug status in the US ...

Steel Output Mounting The Steel industry, which consists of companies engaged in the extraction of iron ore and coke coal for the processing of iron and steel, has the major chunk of sales concentrated with a few producers. The industry includes metal ore exploration and mining services, iron and steel foundries for smelting, rolling, forging, spinning, recycling, stamping, polishing and plating of iron and steel products such as pipes, tubes, wire, spring, rolls and bars. The largest drivers of steel consumption have historically been the automotive and construction markets, which make up more than 50% of total steel consumption. Other steel consuming industries include appliances, converters, containers, tin, energy, electrical equipment, agricultural, domestic and commercial equipment and industrial machinery. Large automakers such as General Motors, Ford Motor Company ([url=http://www.zacks.com/stock/quote/f]F[/url]), Toyota Motor Corporation ([url=http://www.zacks.com/stock/quote/tm]TM[/url]) and Honda Motor Company ([url=http://www.zacks.com/stock/quote/hmc]HMC[/url]) depend upon the steel industry. ArcelorMittal ([url=http://www.zacks.com/stock/quote/mt]MT[/url]) is ...

American Refiners Have a Problem… And the Government is Making it Worse

by Sheena Martin, Investment U Contributing Editor

America’s refining companies are under severe financial pressure.

As the recession has blanketed the markets, demand for petroleum products has collapsed, causing refiners to scale back production.

And a bill currently working its way through Congress could also have an adverse effect. Democrats support less reliance on foreign crude, but the hotly debated Climate Change bill would do just the opposite. The burden of carbon cap-and-trade provisions for refiners makes it reasonable for U.S. companies to consider moving production overseas.

Why? Because foreign refiners will enjoy a significant cost advantage. Assuming even a modest carbon allowance of $26 per ton, the American refining industry will be spending an additional $58 billion annually.

And recent studies put this closer to

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