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FDA approves antibiotic from Lexington's Cubist

The Food and Drug Administration yesterday approved a new antibiotic from Lexington-based Cubist Pharmaceuticals to treat common skin infections often acquired in the hospital.

Regulators cleared the company's Sivextro as a pill and as an intravenous solution for adults with skin infections caused by bacteria that are often resistant to older antibiotics.

The FDA gave Sivextro an expedited review under a 2012 law designed to encourage drug makers to invest in researching and development of new antibiotics. Under the measure, Cubist will receive an additional five years of exclusive marketing rights to the drug.

Casino hopefuls present traffic plans

Mohegan Sun and Wynn Resorts laid out plans yesterday to help alleviate Boston-area traffic created by their proposed casinos.

The casino giants are vying for the lucrative eastern region gambling license, which is expected to be awarded in late August or early September.

Mohegan Sun officials, at a meeting before state gambling regulators at the Hynes Convention Center, said the casino's planned $1.2 billion resort on the Revere side of the Suffolk Downs horse racing track would include an estimated $45 million in transit-related improvements.

Wynn Resorts officials said their proposed $1.6 billion casino on a former chemical plant site in Everett would include about $50 million in such investments.

Both casino operators put forward a range of traffic-mitigating plans, including improvements to some of the area's most congested traffic circles. The casinos also said they would be limiting employee parking onsite and encouraging mass transit use while also staggering work shifts so that employees are not on the road during rush hour drive times.

Dow, S&P reach record highs

U.S. stocks rose yesterday, driving the Dow and the S&P 500 to close at record highs as the shares of 330 companies hit 52-week highs on the New York Stock Exchange.

The S&P 500 scored its third record closing high in a row while the Dow surpassed its previous record close on June 10. The blue-chip index hit an all-time intraday high at 16,978.02, coming close to the 17,000 mark.

For the week, the three major U.S. stock indexes rose 1 percent as investors brushed off geopolitical concerns about Iraq and focused on the Federal Reserve's comments indicating that it will keep interest rates low for a long period of time.

Sperry Van Ness International Corp., a commercial real estate franchisor based in Boston, announced that Diane Danielson, previously the company's chief platform officer, was promoted to chief operating officer. Danielson is responsible for the day-to-day operations that support the more than 180 Sperry Van Ness franchises nationwide. She previously worked as a new media and marketing technology consultant for several industries.

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