Genentech wins priority review for Lucentis

The FDA has given priority review status to Genentech's closely watched therapy Lucentis, which is in development as a treatment for "wet" age-related macular degeneration. The move will give Genentech--which is developing the treatment with Novartis--a decision on Lucentis by June. The therapy is designed to treat a condition in which blood vessels grow over the retina and leak blood, destroying vision. In one late-stage trial, 90 percent of patients experienced stable or improving vision after two years of treatment compared to 53 percent who received a placebo. Shares of OSI, which markets the leading product for macular degeneration, Macugen, slid on the news of the FDA's move.

- read the AP report