MINYANVILLE ORIGINAL Celgene’s
(NASDAQ:CELG) stock jumped more than a quarter over the past 12 months in part because of the big biotech company’s R&D pipeline. Investors will find out more details about one promising new product Tuesday when researchers present updated study results for pomalidomide, a follow-up treatment for the blood cancer multiple myeloma.
Top-line results for a clinical study
of pomalidomide will be presented in the morning at the American Society of Hematology
meeting in Atlanta. The study data will be revealed in a so-called late-breaking session, a designation usually reserved for breakthrough medical research.
Wall Street analysts expect pomalidomide will be approved by February 10, the deadline for Food and Drug Administration officials to decide on market clearance for the drug. Like Celgene’s biggest-selling cancer product, Revlimid, pomalidomide is a derivative of the once-banned drug thalidomide. In company studies, pomalidomide was shown to help lengthen lives of patients who were previously treated with other drugs. Celgene filed for US approval of pomalidomide in combination with the steroid dexamethasone to treat relapsed or refractory multiple myeloma.
Celgene’s drug Abraxane has gotten a lot of attention in recent weeks as that therapy shows potential to treat pancreatic cancer. But expectations also are high for pomalidomide.
Celgene CEO Robert Hugin previously predicted pomalidomide is a potential blockbuster product. Analysts say the study data released so far for the drug and the market potential seem to back up that assertion.
There are about 100,000 relapsed multiple myeloma patients in the US and Europe who have failed at least one prior therapy, according to numbers provided by William Blair analyst John Sonnier.
At least 45,000 US and European patients have failed at least two previous treatments, says Sonnier, who rates Celgene a buy.
In July, Onyx Pharmaceuticals
(NASDAQ:ONXX) multiple myeloma drug Kyprolis was approved
for sale in the US to treat patients who received at least two prior therapies.
The Celgene drug’s clinical success has been telegraphed
in recent months but data presented at a major medical meeting is the most relevant and up-to-date information. New details can either hurt a stock or bolster it.
While the study results are under wraps, so far the signs are that the data is pretty good.
“Please be there on Tuesday morning because you will not be disappointed,” Jean-Pierre Bizzari, Celgene’s head of hematology and oncology clinical affairs, told investors at the medical conference Sunday night.
The presentation will take place at 7:30 ET Tuesday morning.
Shares of Celgene rose 2% to $80.21 in early afternoon trading Monday.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.