StockMarketWire.com - AstraZeneca said Monday its diabetes drug had 'significantly' reduced the risk of hospitalisation for heart failure.

The company also revealed that the US Food and Drug Administration had accepted the company's priority review application for its ovarian cancer treatment.

Diabetes drug Farxiga had 'significantly' reduced the risk of hospitalisation for heart failure or cardiovascular death compared to a placebo by 17%, AstraZeneca said, citing results from a clinical trial.

The rate of major adverse cardiovascular events observed in patients using Farxiga did not reach statistical significance, failing to meet an additional primary objective.

The clinical trial also confirmed the safety profile for Farxiga, which met the primary safety endpoint of non-inferiority versus placebo, demonstrating no increase in the composite of major adverse cardiovascular events, the company added. 'These positive results are clinically relevant to the 425 million people worldwide living with diabetes, of whom those with type-2 diabetes have a two-to-five times greater risk of heart failure along with an increased risk of a heart attack or stroke, said Elisabeth Björk, Vice President, Head of Cardiovascular, Renal and Metabolism, Global Medicines Development.

'Heart failure survival rates are only 50% after five years from diagnosis, which is why these new findings are so important in broadening our understanding of how to go beyond blood glucose so we may better address this serious and often overlooked cardiovascular complication.'

In a separate statement, AstraZeneca said the US Food and Drug Administration (FDA) had accepted the company's priority review application for its ovarian cancer treatment Lynparza, with a prescription drug user fee act date set for the first quarter of 2019.

The submission to the FDA was based on positive results from the pivotal Phase III SOLO-1 trial, AstraZenca said.

'This is the first US regulatory submission acceptance for a poly ADP-ribose polymerase (PARP) inhibitor in the 1st-line maintenance setting for advanced ovarian cancer, and if approved will be the fourth indication for Lynparza in the US,' it added. Story provided by StockMarketWire.com