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Business Digest
Corixa, Medicis giving up on psoriasis drug

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WASHINGTON — Corixa and partner Medicis Pharmaceutical said they're abandoning an experimental therapy for psoriasis.

Study findings on Corixa's PVAC treatment for mild to moderate psoriasis didn't warrant further research, the Seattle company said. PVAC also failed to meet a treatment goal in a 2001 study.

The companies said they're focusing on developing treatments that have a better chance of success sooner. Money-losing Corixa is cutting 18 percent of its staff and said last month that it dropped development of a treatment for melanoma because as many as seven years would be needed to finish studies for U.S. approval.

Microsoft sued over 'Mythica' game name

SEATTLE — Microsoft, which will start selling a video game called "Mythica" next year, is being sued for trademark infringement and unfair competition by Mythic Entertainment.

The title, which will compete with Mythic's "Dark Age of Camelot," infringes on the game maker's name and trademark, Mythic said. The federal lawsuit was filed in Virginia.

"Mythica," like "Dark Age of Camelot," is an online role-playing game. Fairfax, Va.-based Mythic alleges that Microsoft's game title is so similar to its name that it causes confusion.

Microsoft has been promoting "Mythica" for several months and "has not been made aware of any confusion among consumers," spokeswoman Stacy Drake said. It is reviewing the complaint and "respects intellectual property, including trademarks, and understands their value to our industry," she said.

Separately yesterday, Microsoft said it will work with Vodafone Group to address the operator's problems with Microsoft's mobile-phone software as it tries to reach a handset agreement with the U.K.-based carrier.

The Windows-based system isn't ready for Vodafone to adopt, said Vodafone spokesman Jon Earl.

Nation / World

Report: Nasdaq raises merger idea with NYSE

NEW YORK — The Nasdaq Stock Market has approached the New York Stock Exchange to explore a possible merger, The Wall Street Journal reported on its Web site last night, citing people familiar with the situation.

Nasdaq Chief Executive Robert Greifeld approached the NYSE about three weeks ago, the paper said, and the merger idea is still at a "very preliminary" stage. No formal proposal has been made, the paper said.

The NYSE is the world's largest stock exchange and the last major bourse still dominated by the open outcry trading system in which specialists match up buyers and sellers. Nasdaq stock traders, by contrast, buy and sell shares through a nationwide system of computers.

Shopping fails to match stores' hopes

NEW YORK — A late-buying binge this past weekend didn't turn out to be robust enough for Wal-Mart, Target and other merchants to offset modest sales trends throughout the holiday season, according to preliminary data.

Now, the nation's merchants are once again turning to the final days before Christmas and post-holiday sales — expected to be boosted by use of gift cards — to recoup lost business.

Ford settles parts issues, says earnings up

DETROIT — Ford and its former auto-parts arm, Visteon, announced agreements yesterday aimed at solving pricing and cost-sharing issues. Ford said it will book a $1.6 billion pretax charge in the fourth quarter to cover the deal.

The world's second-largest automaker behind General Motors also increased its full-year 2003 earnings forecast to $1.05 to $1.10 a share, from a range of 95 cents to $1.05 a share, excluding one-time expenses.

Ford cited continued cost savings, strong results at its finance business and healthy sales of its new F-150 pickup.

Compiled from Bloomberg News and The Associated Press

Copyright © 2003 The Seattle Times Company