Phase 3 for diabetes drug

Elixir Pharmaceuticals Inc. is now initiating a phase 3 clinical trial of their drug for type 2 diabetics, according to official reports from the company.
The new diabetes drug, known as mitiglinide, is set to help diabetics throughout the UK control their blood sugar levels, not to mention assisting them in producing the insulin needed to operate.
Officials in the company, which is based in Cambridge and has strong biotechnological capability, are aiming for Food and Drug Administration approval during 2009.
The phase three study, an advanced level of blood testing, involves 300 participants throughout 50 sites in America. The trial will conclude during 2008, following venture capital backing.