FDA approves 1st Type 2 diabetes drug | Wall Street Beat

April 1, 2013 by Brad Perriello

The FDA approves Johnson & Johnson's 1st-of-a-kind Invokana diabetes drug, designed to flush unabsorbed sugar from the bloodstream.

MassDevice.com Wall Street Beat

The FDA approved a 1st-of-its-kind treatment for Type 2 diabetes, Johnson & Johnson's (NYSE:JNJ) Invokana, with the federal watchdog agency citing it as a pioneer in a new class of diabetes drug.

Invokana is a potential blockbuster drug that acts by reducing the amount of blood sugar that's normally stored in the liver, instead causing the body to excrete the excess sugar in urine.

The FDA gave Invokana the green light based on 9 clinical studies involving some 10,000 patients that showed the drug helped control blood sugar levels along and alongside other drugs, according to Minnesota Public Radio.

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JNJ shares were up 0.3% today, the 1st trading day since news of the approval broke late last week, to $81.78 apiece as of about 1:20 p.m.