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Byline: - Staff and Wire Services

Health Net forms new HMO network

WOODLAND HILLS - Health Net of California announced a new health maintenance organization network Friday, reaching out to medium and large-size companies.

The ``HMO Silver Network'' targets employers with more than 50 workers, giving them access to more than 5,400 primary care physicians, 7,800 specialists and 165 hospitals. It serves eight counties, including Los Angeles, Ventura and Kern, shaving between 5 percent and 14 percent off current statewide network premiums.

The company plans to expand the plan to include small employers in the second half of 2005.

Amgen cancels trials of new drug

THOUSAND OAKS - Confirming its previous decision, Amgen Inc. announced Friday that it canceled clinical trials of its experimental Parkinson's disease fighter GDNF last fall. The biotech leader cited safety risks including possible irreversible brain damage in its decision to stop providing the treatment to 48 trial patients.

Amgen said it would continue other Parkinson's research and publish data on the trials for the scientific community.

Taylor is named new MGM chief

Film and television studio Metro-Goldwyn-Mayer has tapped Chief Financial Officer Daniel Taylor to become president after the sale of the company to a consortium led by Sony Corp.

The announcement means MGM chairman and chief executive Alex Yemenidjian and vice chairman and chief operating officer Chris McGurk will leave the company. Both have been mentioned as possible candidates to succeed Michael Eisner as chief executive of The Walt Disney Co. when Eisner retires next year.

McDonald's OKs trans fats payment

SAN RAFAEL - McDonald's Corp. will pay $7 million to the American Heart Association settling a lawsuit that accused the fast-food giant of failing to reduce fat, as promised, in the cooking oil used for its popular french fries and other foods.

The Wednesday deal will require the association to use the proceeds to educate the public about trans fats in foods. Heart-clogging trans fat is made when manufacturers add hydrogen to vegetable oil - a process called hydrogenation.

BanTransFats.com sued McDonald's in state court here in 2003, alleging McDonald's did not effectively disclose to the public that it had not switched to a healthier cooking oil.

Abbott says FDA will study papers

ABBOTT PARK, Ill. - Abbott Laboratories said the Food and Drug Administration has agreed to start looking at its new drug application for Xinlay, which is intended to treat prostate cancer.

The FDA's action indicates it considers the application sufficiently complete to permit a thorough review.

The Abbott Park-based drug company on Friday said it expects a response from the regulator in the fourth quarter.