The Street
  • 2 hours ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and a new, non-addictive painkiller hits the market.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05Wall Street heads into the weekend with modest strength,
00:08and that's no small feat given how the week began.
00:11Apple is giving investor confidence a boost.
00:13The company beat forecasts,
00:15even though quarterly iPhone sales were disappointing.
00:18On the inflation front, the Personal Consumption Expenditures Index,
00:22or PCE, rose in December.
00:24It was up 2.6% from the same time a year ago,
00:27which was in line with forecasts.
00:30Turning to other business headlines
00:32and what is being hailed as a major breakthrough in pain management science,
00:37a new painkiller with blockbuster potential
00:40has been approved by the Food and Drug Administration.
00:43Vertex Pharmaceuticals, a Boston-based biotech company,
00:46has come up with a safer alternative to opioids.
00:50The approved drug, which goes by the name of Gernavix,
00:53is approved to treat moderate to severe acute pain.
00:56So it will be helpful for those dealing with pain due to sickness,
00:59injury, or the aftermath of surgery.
01:02It is the first new type of painkiller to get FDA approval in more than 20 years.
01:08What makes Gernavix stand out is how different it works compared to opioids.
01:13The drug attacks pain at the source
01:16rather than go directly to the brain to block the feeling of pain.
01:19This means that it does so without creating an addictive feedback mechanism
01:24for the brain like opioids do.
01:26Opioids, though an effective class of drugs,
01:29have been blamed for sparking an epidemic of addiction
01:32and deaths in the hundreds of thousands.
01:35For Vertex CEO Dr. Reshma Q. Alramani,
01:39quote, we have the opportunity to change the paradigm of acute pain management
01:44and establish a new standard of care.
01:47The wholesale price for the twice-daily treatment starts at $15.50 per pill.
01:54That'll do it for your daily briefing from the New York Stock Exchange.
01:57I'm Conway Gittins with The Street.

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