Cancer Drug Combination Halting Lung Cancer Progression (DNA, OSIP)
Genentech (NYSE: DNA) and Roche may still be in what is becoming a bitter merger, but it seems that Genentech’s Avastin continues to show promise in new cancer targets. The company released a study on Monday after the close along with OSI Pharmacuticals (NASDAQ: OSIP) showing that cancer drugs Avastin and Tarceva mixed together halted the progress of non-small cell lung cancer. This showed a significant improvement than taking Avastin alone.
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Avastin's Next Target: Colon Cancer (DNA)
Genentech Inc. (NYSE: DNA) has released some new data in an SEC Filing showing that it is still on the path to getting colon cancer indications for treatments. The company said that it may find out the final results of the Avastin adjuvant colon cancer trial as soon as mid-April (2009). It received updated data to the timelines for the colon cancer trial from the National Surgical Adjuvant Breast and Bowel Project (also called the NSABP). It is hard to know the intricacies here since the timing and availability of data depends on the timing of disease progression events.
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Trader Take on Dendreon Ahead (DNDN, LLY)
Dendreon Corp. (NASDAQ: DNDN) is so far having very little movement from its presentation at the JPMorgan healthcare conference in San Francisco. We saw a CNBC interview earlier this week that gave us hope for some more additional data on its PROVENGE trial for prostate cancer.
The company said today that it now expects to report additional data over the PROVENGE trial by April. We have our own thoughts on how traders and investors can use that date to their advantage.
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New Patent Awarded in Bone Marrow & Stem Cell Transplants
There has been an interesting award of a patent today in relation to treatment of patients in need of bone marrow or stem cell transplantation. Chemokine Therapeutics Corp. (OTC-BB: CHKT) has announced they received this patent. The company is a micro-cap biotechnology company developing chemokine-based therapies to treat cancer, blood disorders and vascular diseases.
While all patents do add value in theory, we do caution that patents do not always translate to instant or near-term revenues (outside of milestones from partners) for small biotech companies.
But patent #7,378,098 is an interesting one in that it pertains to in-need-of bone marrow patients and stem cells. Both are huge growth areas for the companies that can score a win in them. The company noted that this strengthens the foundation for its work with its drug candidate CTCE-0214, for hematogical support; mobilization of stem cells and white blood cells into circulation, which is currently in Phase I development.
This patent, “CXC Chemokine Receptor 4 Agonist Peptides,” is said to be based on evidence that treatment with SDF-1 chemokine analog prevents reduction of normal bone marrow stem cells and restores white blood cells, which reduce susceptibility to infections in cancer patients following chemotherapy treatment.
We would note that this company raised almost $1 million back in the middle of June, and calling the company a micro-cap would be an understatement. As with all companies, we urge ANY AND ALL traders and investors to do double the amount of due diligence on companies they are interested in the story of when it comes to micro-caps and OTC-BB stocks.
Jon Ogg
July 2, 2008
AVANT's Celldex in 3M Pact (AVAN, MMM)
There was a collaboration pact that might have been an easy one to overlook. 3M Corp. (NYSE: MMM) has signed vaccine adjuvant licenses with a company called Celldex Therapeutics. As itturns out, Celldex is a wholly owned subsidiary of AVANT Immunotherapeutics, Inc. (NASDAQ: AVAN).
Celldex signed a multi-year clinical research collaboration with 3M to access their proprietary Immune Response Modifier Resiquimod and additional toll-like receptor agonists for clinical study with Celldex’s proprietary “Antigen Presenting Cell Targeting Technology” for use as vaccine adjuvants designed to treat various cancers and infectious diseases.
3M will provide its patented toll-like receptor (TLR) agonist compounds to Celldex for an undisclosed licensing fee, milestones and royalties.
Jon Ogg
June 11, 2008
Key Interviews & Data Out of ASCO (AVAN, PFE, CELG, IMCL, DNA)
Today we saw many stocks with key news events at the annual American Society of Clinical Oncology or “ASCO” conference in Chicago. Much of the data had been signaled a couple of weeks ago ahead of the conference, but many more data points were seen today or over the weekend. CNBC’s Mike Huckman got to cover many top issues, and he ran many video interviews today from some of the key movers. Here are some of the stocks they covered with the share price reaction:
- AVANT Immunotherapeutics, Inc. (NASDAQ: AVAN) +28% at $17.98.
- Celgene Corporation (NASDAQ: CELG) +0.56% to $61.20.
- Genentech Inc. (NYSE: DNA) +4.3% to $73.95.
- Imclone Systems Inc. (IMCL) -6.06% to $40.94.
- Pfizer Inc. (NYSE: PFE) -0.9% to $19.18.
Since CNBC had many of these interviews on an exclusive or near-exclusive basis, we’d suggest that you watch these video clips if you missed the news today as they all had market-moving data today or over the weekend.
Jon Ogg
June 2, 2008
Warburg Pincus Hikes Stake in Allos Therapeutics (ALTH)
Allos Therapeutics, Inc. (NASDAQ: ALTH) had already announced that its 10.8 million shares had priced at $5.64. That was old news.
But what isn’t old news is that in a Form 4 filing after today’s close, WARBURG PINCUS PRIVATE EQUITY VIII L.P. disclosed that took down 3,500,000 additional shares at $5.64 on May 29. This now gives the private equity fund a stake of some 26,124,430 shares. Our last data showed 78.88 million shares outstanding, but that may not reflect the new share issuance.
This last equity sale is a good indication that the market is willing to finance this molecular therapeutic company for cancer treatment further, particularly for a pre-clinical and pre-revenue biotech operation.
Allos said in its original filing that it plans to use the financing primarily for clinical and pre-clinical research and development of its candidates, manufacture of clinical trial material and pre-commercial scale-up activities for PDX, working capital and general corporate purposes.
Allos closed flat today, but shares are at $6.34. Its 52-week trading range is $3.91 to $7.70.
Jon C. Ogg
May 30, 2008
Biotech Implosion: Favrille (FVRL)
Favrille, Inc. (NASDAQ: FVRL) may have just joined the realm of biotech zombies this morning, or close to it. The company announced Phase III results which failed to show statistically significant improvement in its primary endpoint, and this was the registration trial of Specifid following Rituxan in patients with follicular B-cell non-Hodgkin’s lymphoma.
The primary endpoint was to measure analysis of time to progression, and it failed to show a statistically significant improvement in the treatment arm. The arms were Specifid plus Leukine following Rituxan compared to the control arm of placebo plus Leukine following Rituxan.
Analysis of all subgroups also did not show any significant differences in primary or secondary endpoints when adjusted for prognostic factors.
This one was only a $71.8 million market cap before the implosion. Now shares are down 80% pre-market at $0.35.
The good news is that the $25 million in tangible book value may let it find some support after that huge drop. The bad news is that this lead candidate failure puts the company back into mostly pre-clinical stage for other products.
Technically this can’t be considered a zombie because it has other pre-clinical candidates. But try telling that to someone coming in from a 3-day weekend and seeing an 80% drop at the open. This was already down well over 50% in the last year before this.
Jon Ogg
May 27, 2008
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