![]() ![]() Sustainable Marine Energy planned to produce megawatts of electricity to power Nova Scotia homes instead, the executive says the firm’s bankruptcy will discourage other investors. The next step - now cancelled - would have been to bring them to the testing site about 200 kilometres northeast in the Minas Basin, where the world’s highest tides flow. ![]() The company’s catamaran-style tidal platforms - with turbines resembling inverted windmills - were praised as promising innovations when the firm installed them during a first phase of testing near Nova Scotia’s Brier Island. “It’s very disappointing for our team and everyone else.” The Canadian company will be placed in voluntary bankruptcy,” Hayman said in an interview Friday. His firm will wind up all its operations in Canada, resulting in losses of approximately $30 million to $40 million, depending on sales of equipment and assets, he added. Jason Hayman, chief executive of U.K.-based Sustainable Marine Energy, says investors are placing their Canadian subsidiary into bankruptcy after fruitless talks with the department. But Elevidys will become the second most expensive drug in the world, after the $3.5 million hemophilia treatment Hemgenix.HALIFAX - A firm that hoped to generate electricity from the Bay of Fundy’s massive tides is instead winding up operations after a regulatory struggle with the federal Fisheries Department. While eye-popping, such a pricetag isn’t out of step with other one-time gene therapies, which have topped $3 million per patient in recent years. He had estimated that Sarepta would price the drug at $2.8 million per patient, which could bring in $2.1 billion in revenue from the initial group eligible for the drug. The group for whom the drug was approved, children ages 4 and 5, is about 6% of the population of people with Duchenne muscular dystrophy, according to Brian Abrahams, an analyst with Wall Street firm RBC Capital Markets. Sarepta said the therapy, called Elevidys, will cost $3.2 million per patient. It affects an estimated one in 3,300 boys. It was the first time a therapy of this nature – a one-time treatment that delivers a working copy of a gene to make up for one that leads to disease – has been cleared under the accelerated approval framework, and the move came after emotional testimonials from families at an FDA advisory committee meeting last month.ĭuchenne muscular dystrophy causes progressive muscle weakness that can rob kids of their ability to walk by the time they’re teenagers, and many don’t live well into their 30s. The therapy was approved under the accelerated approval pathway, which clears medicines for diseases where they’re urgently needed based on data suggesting they’re likely to confer clinical benefits. The drug, from biotech company Sarepta Therapeutics, will need to prove in an ongoing clinical trial that it improves physical function and mobility in patients with Duchenne muscular dystrophy in order to stay on the market, the FDA said Thursday. FDA advisers narrowly vote in favor of experimental gene therapy for rare muscle disease ![]()
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