Roche's Genentech Says Its Drug For Diabetes Complication Has Been Approved By FDA

Roche Holding AG's Genentech said Monday afternoon that the Food and Drug Administration has approved its drug for diabetic retinopathy, a complication of diabetes that can cause blindness. The drug, Lucentis, is the first approved for patients with or without swelling in the back of the eye called diabetic macular edema. Genentech estimates that diabetic retinopathy affects nearly 7.7 million Americans, and said the condition is the leading cause of blindness among adults ages 20 to 74. Roche shares have surged 9.4% over the last three months, compared with a 3.2% rise in the S&P 500 .