New evidence suggests the same drugs that help reduce levels of artery-clogging cholesterol might prevent nerve damage brought on by diabetes, Australian researchers said on Friday.

They said an eight-year study of statins and fibrates -- two classes of cholesterol medication -- significantly cut the risk of developing peripheral sensory diabetic neuropathy, a condition that affects half of all diabetics.

The condition can cause stinging or burning sensations, tingling, pain, numbness or weakness in the hands and feet and is a major cause of amputations.

"The global impact of diabetic neuropathy is that there is an amputation about every 50 seconds," Dr. Aaron Vinik, director of the Streliz Diabetes Center at Eastern Virginia Medical School, said at the American Diabetes Association's scientific meeting in Chicago.

"It markedly affects people's quality of life," said Vinik, who moderated a press briefing.

Statins, the world's biggest-selling drugs, cut levels of LDL, or "bad" cholesterol, thus reducing the risk of heart attacks and stroke.

Fibrates are drugs that have been shown to raise levels of HDL, the so-called "good" cholesterol, and reduce triglyceride, a form of fat obtained through food.

Both drugs are already highly recommended for people with type 2 diabetes to help prevent heart attacks. Now they appear to help this type of nerve damage, said Dr. Timothy Davis, of the University of Western Australia, who led the study.

Davis and colleagues followed a group of about 400 diabetics over five years. All of the study participants had type 2 diabetes, which involves insulin resistance -- the body's inability to properly use its own insulin.

What they found is that statin drugs reduced the risk of developing peripheral neuropathy by 35 percent, and fibrates cut the risk by 48 percent. Because there was a wide and overlapping margin of error, the researchers said the effect was about the same for both types of drugs.

Patients in the study were taking Pfizer's atorvastatin, sold under the brand name Lipitor, or generic statins pravastatin and simvastatin. Fibrate drugs included gemfibrozil and fenofibrate.

"We believe these benefits are class effects of the drugs," Davis said.

Vinik said the results were important because there are currently no drugs approved in the United States to prevent the condition, only drugs to treat the pain it can cause.

Given that most diabetics already take statins to prevent heart complications, he said the problem of neuropathy will likely begin to improve for many diabetics as they continue on statin therapy.

Nearly 21 million Americans have diabetes, which can lead to heart disease, blindness, kidney disease, nerve damage and amputations.