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Jersey City, NJ – July 13th, 2010 - Drug maker GlaxoSmithKline faces an important FDA meeting on July 13th -14th regarding its battered drug Avandia. Avandia has shown signs of increasing the risk of heart attacks. In fact, it has been reported by CNN to have caused over 10,000 heart attacks to users. Many of those suffers have filed lawsuits against GlaxoSmithKline.
In fact, GlaxoSmithKline has already settled two of the suits totaling approximately half of the total suits filed. It is expected that the damage to GlaxoSmithKline will approach $2bil. However, with the drug’s sales rapidly declining, the company faces the potential of an outright shut-down of the drug at the FDA meeting this week.
The meeting comes on the heels of two negative reports and one positive report about the drug as reported by the USA Today on June 29th. In 2 of those reports, the evidence was overwhelming that Avandia users suffer higher rates of heart attacks and risks. Many elected officials are expected to advocate the FDA to put an end to the drug once and for all.
However, many experts believe that this is nothing but a game of “Big Pharma Politics”. Charles Cocuzza, CEO of Bridgeview Legal Funding Inc. (http://www.Fundmysuit.com), whose firm follows the industry closely; and whose firm is one of the largest funders of cash advances to Advandia cases in the legal funding industry stated, “it is more than likely the FDA will allow GlaxoSmithKline the ability to continue to market this drug with their “black label warning”, despite the overwhelming negative feedback in the marketplace. GlaxoSmithKline has already allocated billions of dollars toward settlements to these actions and will continue to pay large sums of money to patients who were unaware of the risks prior to the FDA’s required “black label”. This should be enough to keep the drug on the market – as we have seen this time and time again in regard to the pharmaceutical industry.”
However, what could be a windfall to many pending lawsuits would be the FDA shut-down. In the event this happens, it may be harder for GlaxoSmithKline to settle approximately half the Avandia cases still in suit in Federal Court. To date, it has been reported that the average settlement amount was $86,000.00 per patient for the first batch of class actions. However, an unnamed source with access to settlement figures has indicated that a smaller batch was recently settled with a settlement range closer to $75,000.00. Many plaintiffs are hoping the FDA shut-down to Avandia could bring this figure higher. Charles Cocuzza continued, “the big question to many of the plaintiffs filing lawsuits is ‘how much am I going to receive for my suit?’ and a factor to that answer could be determined in the FDA’s decision at the July meeting”.
For information on Avandia: www.Avandia.com
For information on Avandia lawsuit settlement funding: http://www.Fundmysuit.com
For information on the legal funding industry: http://www.BridgeviewLegalFunding.com