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The Associated Press May 31, 2012, 10:27AM ET

Johnson & Johnson seeks approval of diabetes pill

Johnson & Johnson said Thursday it filed for marketing approval to the Food and Drug Administration of its drug canagliflozin, a once-per-day pill intended to treat Type 2 diabetes.

Canagliflozin is one of Johnson & Johnson's most promising drug candidates. The company's Janssen division has the right to market the drug in North and South America, Europe, the Middle East, Africa, Australia, New Zealand, and some Asian countries.

Shares of Johnson & Johnson rose 35 cents to $62.56 in morning trading.

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