Byetta Stock Declines

Over the several weeks since concerns first emerged about a potential link between the Byetta pen and pancreatitis, the stock price for the drug’s maker, Amylin Pharmaceuticals, has fallen dramatically. On June 5, 2008, the stock price was at $32.77. At the close of October 29, 2008, the stock closed at $9.58, down $23.19.

Byetta (exenatide) is a drug approved for treatment of Type 2 diabetes, and has been used by nearly one million people since it was approved in 2005. It is a twice daily injection which is sold in a pre-filled pen by Amylin Pharmaceuticals and Eli Lilly & Co. While the history of Byetta is discussed on our PRACTICE AREAS page, on August 18, 2008, the FDA issued a warning to healthcare providers about 6 severe cases of pancreatitis among Byetta users. Prior FDA reports had indicated that at least 30 users had developed acute pancreatitis while using Byetta, but these 6 cases involved necrotizing pancreatitis and hemorrhagic pancreatitis, which resulted in at least 2 deaths. Additional deaths are suspected.

On August 25, 2008, Eli Lilly and Amylin held a conference call with investors and the public in an attempt to ease concerns about the potential Byetta pen pancreatitis risk. Although the manufacturers denied that the evidence supports a connection between Byetta side effects and pancreatitis, they disclosed that they were aware of at least four other deaths among users of the drug caused by severe cases of pancreatitis.

We are reviewing and investigating cases involving Byetta, and encourage you to contact us today by calling Ed Wallis at (901) 527-2125, or sending us an email today by clicking HERE.