March 12, 2014 in Business

Migraine headband gains FDA approval

From Wire Reports
 

WASHINGTON – The Food and Drug Administration said Tuesday it approved a nerve-stimulating headband as the first medical device to prevent migraine headaches.

Agency officials said the device provides a new option for patients who cannot tolerate migraine medications.

The Cefaly device is a battery-powered plastic band worn across the forehead. Using an adhesive electrode, the band emits a low electrical current to stimulate nerves associated with migraine pain. Users may feel a tingling sensation on the skin where the electrode is applied. The device is designed to be used no more than 20 minutes a day by patients 18 years and older.

Cefaly is manufactured by Cefaly Technology of Belgium.

Men’s Wearhouse purchases Jos A. Bank

NEW YORK – It’s time to suit up: Men’s Wearhouse is buying Jos. A. Bank for $1.8 billion.

Men’s Wearhouse Inc. will pay $65 per share, a 5 percent premium to Jos. A. Bank Clothiers Inc.’s closing price Monday of $61.83.

The agreement ends a monthslong back-and-forth that began in October when Jos. A. Bank offered to buy its larger rival for $2.3 billion. Men’s Wearhouse scoffed at that offer and turned the tables, offering to buy its rival for $1.54 billion.

By early March, Men’s Wearhouse had an offer of $63.50 per share on the table but said it may raise the bid to $65 per share if some conditions were met.

The combined company will be the fourth-biggest U.S. men’s clothing retailer with more than 1,700 U.S. stores and about $3.5 billion in sales.

The transaction is expected to close by the third quarter.

Hersman will lead safety organization

WASHINGTON – The chairman of the nation’s transportation accident investigations board is leaving to become the president and CEO of the National Safety Council.

Deborah Hersman said in a blog Tuesday that her nearly 10 years at the National Transportation Safety Board have been “a great ride,” but she is moving on to the second “dream job” of her career.

The 43-year-old Hersman was on-scene for more than 20 accident investigations, including the crash of an Asiana Airlines jet in San Francisco last July. She is particularly known for championing protections for children, including on planes.

Hersman said she came to Washington two decades ago believing “government can do important work on behalf of the citizens of this great country.”

GM delay on flaws under investigation

DETROIT – A person briefed on the matter says the Justice Department is investigating whether General Motors broke any laws with its slow response to a deadly problem with ignition switches on certain small cars.

The probe is being handled by the U.S. Attorney’s Office in New York, said the person, who asked not to be identified because the investigation is not public.

A Justice Department spokesman did not immediately return calls. GM would not comment.

GM already is facing investigations by Senate and House committees and the National Highway Traffic Safety Administration.

Last month GM announced the recall of 1.6 million older compact cars worldwide to replace ignition switches that can shut off the motor unexpectedly. GM says the problem is linked to 13 deaths.


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