GSK diabetes drug doesn’t beat Novo Nordisk in trial (Weekend Rounds)

Life science current events this week include GSK diabetes injection fails in first phase 3 trial, Medic Vision weighing options for U.S. headquarters and New Jersey designates $60 million for emerging tech companies.

A review of life science current events reported by MedCity News this week:

GSK diabetes drug fails first of eight phase 3 clinical trials. GlaxoSmithKline (NYSE:GSK) has stumbled in its efforts to develop a once-weekly injectable type 2 diabetes drug that would offer a dosing advantage over a comparable once-a-day drug sold by Novo Nordisk (NYSE:NVO).

Israeli imaging company ponders U.S. HQ choice after $3.5M fundraise. Israeli diagnostic imaging company Medic Vision is evaluating options for its U.S. sales and marketing headquarters after raising a $3.5 million round of funding led by a Cleveland investment group.

New Jersey allocates $60 million to 75 emerging biotech, tech companies. The funds are made available through the state’s Technology Business Tax Certificate Transfer Program. Gov. Chris Christie’s fiscal year 2012 budget increased the allocation.

Senate probes LabCorp’s alleged Medicare, Medicaid fraud. The Senate inquiry comes months after a $49.5 million settlement with the state of California over claims that LabCorp overcharged California’s Medicaid program and gave doctors kickbacks for patient referrals. In a November 8 letter to LabCorp CEO David King, Senate Finance Committee Chairman Max Baucus and Judiciary Committee ranking member Senator Charles Grassley ask Burlington, North Carolina-based LabCorp to provide information about discounted or below cost lab services offered to managed care organizations and payers in exchange for referrals of other laboratory testing business to LabCorp.

U.S. healthcare to the Supreme Court: What you need to know. Arguments in March. A decision by June.Those are the first two things you need to know about the decision Monday by the U.S. Supreme Court to hear arguments over President Obama’s healthcare reform law.