Johnson & Johnson's stock falls as bad news about Reminyl hits the street

• J&J submits risk report of Reminyl - Stock value of Johnson & Johnson Pharmaceutical Company has fallen down from 64 cents to 61.85 as the company unveiled the risks carried by its drug Reminyl.
• The company has submitted the study report to the FDA.
• Reminyl is a cholinesterase inhibitor that is extracted from daffodil bulbs.
• It boosts the levels of acetylcholine, a chemical that transmits nerve signals in the brain.
• Johnson & Johnson earns about US$200 million a year from the drug.
• The study conducted by J&J attempted to check whether the drug could be used for treating cognitive impairment that leads to memory loss and may develop into Alzheimer's disease.
• Observations made by the researchers in the last two years during the course of the study revealed that patients taking Reminyl showed higher death rate than those on placebo.
• 15 patients taking Reminyl died compared with five taking the placebo.
• Although the drug is approved in 69 countries as an effective treatment on mild to moderate conditions of Alzheimer, it is not yet approved for treating cognitive impairment.
• The company has said that they are not planning to make any application for this use of the drug.
• Carol Goodrich spokeswoman for the company said "the health authorities that are reviewing this data ...
• are still supporting its use for the approved indication, which is mild to moderate Alzheimer's disease."
• Health Canada's spokeswoman Carole Saindon, said data is not yet completely analyzed and they would keep the public informed as new developments surface.
• She said that, "it's very important that patients don't stop taking the medication without consulting their doctor first."