age related macular degeneration

ALSO NOTED: ASCO news; Acorda shares surge on data; Genentech, Exelixis and Celgene win kudos; and much more...

Mon, 02 Jun 2008 06:59:50 -0400

> Shares of Acorda Therapeutics shot up after researchers released new late-stage data demonstrating that Fampridine consistently improved the walking speeds of MS patients. Release

> Japan's Santen Pharmaceutical and MacuSight have forged a research and development collaboration and license agreement for the Japanese and Asian development and commercialization of sirolimus for ocular diseases and conditions including wet age related macular degeneration and diabetic macular edema. MacuSight gains $50 million upfront. Release

ASCO news:

> Celgene reported that a group of patients with non-Hodgkin's lymphoma responded to Revlimid. Report

> TheStreet put together an interesting scorecard on the top news coming out of the conference. Genentech, Exelixis and Celgene all get a pat on the back for their data. Story

> Poniard is hoping its chemotherapy data will win the attention of a collaborator. Report

> Novartis touted data indicating that RAD001 could be effective against breast cancer. Release

> Antisoma presented positive data for ASA404. Story

> Talk about an image being worth a thousand words. A Wall Street Journal chart tracking new Chantix prescriptions since January shows the kind of downward slope you only want to see on a double black diamond ski run. Report

> To your list of patent-lawsuits-to-watch, add a set of cases over TriCor, the Abbott Laboratories cholesterol med. TriCor is 33 years old, but it's still on patent, thanks to a series of formulation and other tweaks Abbot made along the way. That's no small thing, either: TriCor snared $1.2 billion in 2007 sales. Abbott report

> The European Commission announced it's investigating Sanofi-Aventis for obstructing its big probe of anticompetitive tactics in the drug industry. Report

> Just as the heparin hoopla was starting to settle down, now China is reporting that six patients in Jiangxi province have died after injections of immunoglobulins. Report

And Finally... A new study suggests that children in the Northeastern U.S. suffer from a high rate of cancer. Article

QLT stock rockets as acne drug is cleared for takeoff

Tue, 18 Mar 2008 07:59:57 -0400

Shares of QLT rocketed up 55 percent in a tense market yesterday after the biotech finished a lengthy task in persuading the FDA that a blood test should not be required before doctors prescribe its new acne medication. QLT's Aczone was approved three years ago but never commercialized as the company set out to prove in clinical trials that a blood test should not be required. The regulatory approval also clears the way for QLT to complete its planned sale of its U.S. division, which holds the rights to aczone and eligard, a prostate cancer drug. QLT says the acne medication has the potential to earn around $100 million a year. Analysts say that even if a buyer can't be found QLT can go ahead and launch the new drug.

QLT has been restructuring, laying off more than 100 workers near the start of year. QLT was disappointed by the sales of Visudyne, a therapy for age-related macular degeneration, but hopes that tests of a combination therapy using Visudyne will demonstrate it can be a cheaper, quicker alternative to current therapies. A new acne drug is also in the pipeline.

- see QLT's release for more
- check out the report in the Globe and Mail

Related Articles:
QLT posts 'for sale' sign. Report
QLT gains drug delivery tech in $42M buyout. Report
QLT says therapy fails Phase II trial. Report
QLT slashes spending as competition looms. Report

ALSO NOTED: Pharma growth sinking to historic low; Neurocrine gains Japanese partner; OccuLogix suspends development program;an

Thu, 01 Nov 2007 07:59:50 -0400

> Here's statistical confirmation of the gloom-and-doom facing Big Pharma. Worldwide sales growth will slow next year to around 5 percent from 6 to 7 percent this year, according to a new report from IMS Health. Report

> Japan's Dainippon Sumitomo Pharma will pay Neurocrine Biosciences $20 million up front plus an additional milestone payment of $10 million for the Japanese licensing rights to the insomnia drug indiplon, which has been filed for approval by the FDA. The PDUFA action date on indiplon is December 12. Release

> OccuLogix has already put itself up on the sales block as it signals its willingness to do a deal of some sort. Now the company says it is suspending development of its RHEO System for dry, age-related macular degeneration. In early October the company announced that it would consider every option in maximizing shareholder value, including a sale, but couldn't confirm whether or not it could complete a deal. Release

> ZymoGenetics is boosting spending in preparation for launching rThrombin, designed to control bleeding during surgery, causing its losses for the third quarter to go up. Report

> It's a one-two punch for AstraZeneca today. A Canadian drug maker is challenging AZ's patent on the cholesterol drug Crestor, one of its top sellers at $2 billion--and a linchpin of its profits over the next few years. Meanwhile, the company reported a 15 percent drop in profits. Report

> Score one for GlaxoSmithKline. The company won an injunction against the U.S. Patent and Trademark Office, successfully blocking implementation of new rules governing patent continuances, at least temporarily. Report

> What's your pick for the most memorable drug ad of the 2006-2007 season? If you picked that Lunasta moth, you win. Report

And Finally... Nematode worms treated with lithium show a 46 percent increase in lifespan, raising the tantalizing question of whether humans taking the mood affecting drug are also taking an anti-aging medication. Release

Upstart biotech attracts A-list investors

Tue, 09 Oct 2007 06:59:57 -0400

An upstart biotech company focused on developing new therapies targeted at the genetic variations linked to dry age-related macular degeneration has raised $37 million in its first round. New Haven, CT-based Optherion is banking on scientific research that has unveiled the role of variations in the CFH and CFB genes in AMD. Variations in the CFH gene are linked to half of all patients and a combination of variations in the CFH and CFB genes are associated with almost three out of every four cases. Researchers will also work on a new therapy for Dense Deposit Disease, an end-stage renal disease with an orphan-sized market that is triggered by the same genetic variations they're targeting for AMD. The company attracted some marquee names in biotech, including Domain Associates, J&J Development Corp., Biogen Idec and Pappas Ventures.

- see the release on the first round

ALSO: The stem cell company Osiris Therapeutics has secured $30 million in new financing. "This transaction, along with our current cash position and existing financing vehicles, gives us greater flexibility as we advance our Phase III clinical programs toward market launch," said Osiris CFO Cary Claiborne. Release

Related Articles:
Biotech sees big money from corporate players. Report
Osiris Therapeutics blueprints $80M IPO. Report
Osiris gains $50M. Report
Osiris granted orphan status. Report

Upstart Ophthotech inks VC, licensing deals

Mon, 13 Aug 2007 06:59:58 -0400

Princeton, NJ-based Ophthotech is off and running with a first round of $36 million, an in-licensing deal on a promising approach to age-related macular degeneration and a management group with some deep experience in the field. In the licensing deal, Archemix granted Ophthotech--which is being run by a group of ex-Eyetech execs--worldwide rights to all ophthalmic uses of Archemix's proprietary aptamers targeting the C5 component of the complement cascade. "We believe that the anti-C5 aptamer blockade represents a potential breakthrough therapy for dry and wet AMD," said CEO Samir Patel, M.D. Archemix was a 2007 Fierce 15 company.

In another recently announced deal, OSI's Eyetech agreed to transfer to Ophthotech all rights in the PDGF aptamer program, including rights to its pre-clinical compound E10030, in exchange for an up-front cash payment, an equity interest in Ophthotech and potential future milestones and royalties. No details were provided on either deal. SV Life Sciences, HBM BioVentures and Novo A/S were engaged in the venture round.

- here's the release for more information

ALSO: FoldRx has snagged $22 million from the Cystic Fibrosis Foundation to develop and commercialize new drugs for the condition. The deal represents about a third of the cash raised by FoldRx and represents another sizeable investment in biotech by a charitable organization. Release

Related Article:
FoldRx garners $43M. Report

Genaera cans AMD therapy, slashes staff

Wed, 03 Jan 2007 19:01:38 -0500

Genaera will cut its staff by 30 percent as it shutters its development program for Evizon, an experimental therapy that has been in mid-stage trials for wet age-related macular degeneration. Genaera reported disappointing results from the most recent mid-stage study. Company officials announced that Genaera now plans to shift its focus to trodusquemine (MSI-1436), a new obesity drug in Phase I as Banc of America Securities is brought on to explore "strategic alternatives."

"This restructuring is a fundamental shift in direction for Genaera, but represents the best match of our development programs to the new realities of the marketplace," said Zola Horovitz, the board's lead director. "By re-focusing resources from the Evizon development program, Genaera has the opportunity to bring trodusquemine forward and address a significant market opportunity in the treatment of obesity."

- check out the company's press release on the decision
- here's the UPI report on Genaera

Press Release: Genentech Announces Agreement to Acquire Tanox

Maureen Martino — Thu, 09 Nov 2006 07:43:27 -0500

Thursday, Nov 9, 2006

Genentech Announces Agreement to Acquire Tanox for $20 Per Share

South San Francisco, Calif. and Houston -- November 9, 2006 -- Genentech, Inc. (NYSE: DNA) and Tanox, Inc. (Nasdaq: TNOX) today announced plans for Genentech to acquire Tanox, a biotechnology company specializing in the discovery and development of biotherapeutics based on monoclonal antibody technology, for $20 per share for a total cash value of approximately $919 million.

Genentech and Tanox have been working together in collaboration with Novartis since 1996 to develop and commercialize Xolair®, an anti-IgE monoclonal antibody approved by the FDA in 2003 as a treatment for patients with moderate-to-severe allergic asthma. Upon the closing of the acquisition, Genentech will improve its financial results for Xolair by eliminating the royalty it currently pays to Tanox and by obtaining Novartis' profit share and royalty payments to Tanox. Genentech will also acquire Tanox's product pipeline.

"IgE inhibition is an important way to treat patients with moderate-to-severe asthma and we look forward to growing our asthma business by increasing the number of patients treated and by introducing new indications, formulations, and next generation products. This acquisition will help us improve our profitability from Xolair," said Arthur Levinson, Ph.D., chief executive officer of Genentech. "We are also excited by molecules in the Tanox pipeline being developed to potentially treat diseases including asthma, HIV, and age-related macular degeneration," Levinson added.

"Joining with one of the world's leading biotech companies allows us to fully realize the potential of our drug development programs and the strong scientific platform developed by our researchers," said Tanox Co-founder and Chairman Nancy Chang, Ph.D. "We believe Genentech's offer reflects the value we have created and achieves a significant return for our shareholders."

Genentech and Tanox will be reviewing current operations and possible opportunities at Genentech for Tanox's employees in the coming months.

Transaction Terms
The terms of the agreement have been unanimously approved by the Boards of Directors of both companies. The acquisition is subject to approval of Tanox's shareholders and customary closing conditions, including clearance under the Hart-Scott-Rodino Act. The transaction is expected to be completed by the end of the first quarter of 2007. Funds will be provided from Genentech's cash on hand at the time of closing.

Conference Call and Webcast Information
Genentech will host a live webcast on Friday, November 10, 2006 at 5:30 a.m. Pacific Time (PT) to discuss the transaction. The webcast may be accessed on Genentech's website at http://www.gene.com. This webcast will be available via the website until 5:00 p.m. PT on November 17, 2006. A telephonic audio replay of the webcast will be available beginning at 8:00 a.m. PT on November 10, 2006 through 5:00 p.m. PT on November 17, 2006. Access numbers for this replay are: 1-800-642-1687 (U.S./Canada) and 1-708-645-9291 (International); conference ID number is 1401206.

About Genentech
Founded 30 years ago, Genentech is a leading biotechnology company that discovers, develops, manufactures and commercializes biotherapeutics for significant unmet medical needs. A considerable number of the currently approved biotechnology products originated from or are based on Genentech's science. Genentech manufactures and commercializes multiple biotechnology products and licenses several additional products to other companies. The company has headquarters in South San Francisco, California and is listed on the New York Stock Exchange under the symbol DNA. For additional information about the company, please visit http://www.gene.com.

About Tanox
Tanox is a biotechnology company specializing in the development of monoclonal antibodies. The company develops innovative biotherapeutics for the treatment of immune-mediated diseases, inflammation, infectious disease and cancer. Tanox's lead investigational therapy, TNX-355, is a viral-entry inhibitor antibody to treat HIV/AIDS. TNX-355 has shown significant antiviral activity in Phase 2 clinical testing. Tanox's first-approved drug, Xolair® (omalizumab), is the first antibody approved to treat moderate-to-severe confirmed, allergic asthma. Xolair was developed in collaboration with Genentech, Inc. and Novartis Pharma AG and is approved for marketing in the United States, Canada and major European countries. Tanox is based in Houston and has a manufacturing facility in San Diego. Additional corporate information is available at http://www.tanox.com.

Genentech Safe Harbor
This press release contains forward-looking statements regarding the future growth and profitability of our asthma and anti-IgE programs, the intent to acquire and the timing of the acquisition of Tanox and future product development plans. Actual results could differ materially. Among other things, the transaction and its timing could be affected or prevented by failure of certain closing conditions to occur, including FTC or other regulatory actions or delays; growth and profitability of our anti-IgE and asthma business could be affected by adverse market conditions, increased competition, delay or failure of clinical programs, and safety or manufacturing issues; future development plans may be affected by changes in our corporate strategy, increased competition, regulatory actions or delays, unsuccessful clinical trials or third party intellectual property rights. Please also refer to Genentech's periodic reports filed with the Securities and Exchange Commission. Genentech disclaims, and does not undertake, any obligation to update or revise any forward-looking statements in this press release.

Tanox Safe Harbor
This press release contains forward-looking statements, including, in particular, statements about Tanox's plans and intentions. These are based on the Tanox's current assumptions, expectations and projections about future events. Although Tanox's believes that the expectations reflected in these forward-looking statements are reasonable, Tanox can give no assurance that the expectations will prove to be correct.

Additional Information and Where to Find It
In connection with the proposed acquisition of Tanox by Genentech and the required approval of the transaction by Tanox's stockholders, Tanox will file a proxy statement and other relevant documents concerning the transaction with the Securities and Exchange Commission ("SEC"). Stockholders of Tanox are urged to read the proxy statement and any other relevant documents when they become available because they contain important information. Investors and security holders can obtain free copies of the definitive proxy statement and other relevant documents when they become available by contacting Tanox Investor Relations at 713-578-4211. In addition, documents filed with the SEC by both Genentech and Tanox are available free of charge at the SEC's web site at http://www.sec.gov.

Information regarding the identity of the persons who may, under SEC rules, be deemed to be participants in the solicitation of stockholders of Tanox in connection with the transaction, and their interests in the solicitation, will be set forth in the proxy materials to be filed by Tanox with the SEC.

OSI looks to unload Macugen, exit eye diseases

Mon, 06 Nov 2006 19:01:37 -0500

Just a year after buying Macugen from Eyetech (a 2003 Fierce 15 company), OSI Pharmaceuticals is looking for a way out of the eye disease sector. The company reports that it is exploring licensing or selling Macugen and its research assets in the field. Analysts expect OSI to shift its attention to its pipeline, which includes a promising therapy for diabetes. Analysts never did like the Macugen deal, which came as Genentech was on the verge of an approval for Lucentis to fight age-related macular degeneration. Lucentis and off-label injections of Avastin have quickly claimed a major share of the business.

- read the report on OSI from The Los Angeles Times

Related Article:
Lucentis gets the green light from regulators. Report

Merck to shell out $1.1B for Sirna

Mon, 30 Oct 2006 19:01:38 -0500

Avid about RNAi, Merck has agreed to pay $1.1 billion to buy Sirna Therapeutics, acquiring its stock at more than twice its closing price on Monday. Although still some years from commercialization, there is growing evidence that RNA molecules can be used to block proteins linked to a host of diseases like cancer, hepatitis C and more. Merck has also has a collaboration pact with Alnylam, a leader in the field of RNAi. But Alnylam recently shelved its program for wet, age-related macular degeneration, citing competition in the field. Sirna's lead drug candidate, Sirna-027, is also being developed as a treatment for wet, age-related macular degeneration. RNAi has surged in prominence this year, particularly after Andrew Fire and Craig Mello won the Nobel Prize this year for their work in the field.

"RNAi is a powerful enabler of drug discovery in cells, in animals, and in humans. We can potentially use this technology to target the activity of genes which control the activity of cancer cells, and so produce their destruction without damaging normal cells," said Stephen H. Friend, M.D., Ph.D., executive vice president and franchise head, Oncology and Neuroscience, Merck Research Laboratories.

- here's the Washington Post report for more
- and here's the release

ALSO: News of the buyout boosted Alnylam's share price as well. Report

Related Articles:
Sirna pushing RNAi field. Report
Sirna posts positive data on RNAi therapy. Report

EyeGate opens up U.S. operations

Sun, 29 Oct 2006 19:01:35 -0500

France's EyeGate Pharma has opened U.S. operations in Waltham, MA. EyeGate will focus on "iontophoretic technology to safely and non-invasively deliver therapeutics to the anterior and posterior chambers of the eye." President and CEO Stephen From will head up the company. From is a former venture capitalist and the CFO of Centelion SAS before it was bought out.

"My first hire at the company was Perry Calias, Ph.D., as VP, research and development," said From. "He was formerly senior director, drug delivery and chemistry at Eyetech Pharmaceuticals in Lexington, MA (now OSI), where he built a world-class lab to support the development of the marketed product, Macugen for age-related macular degeneration. With Dr. Calias' help, we have recruited a top-notch, veteran R&D team with unique ocular expertise, so the group has hit the ground running."

- see the press release for more information

Regeneron wins rich pact for VEGF trap

Wed, 18 Oct 2006 20:01:38 -0400

Bayer has agreed to pay Regeneron $75 million up front and up to $245 million more in milestone payments in a licensing pact for an experimental VEGF trap therapy for eye diseases. A VEGF trap belongs to the category of drugs known as angiogenesis inhibitors. This therapy blocks the action of vascular endothelial growth factor and prevents the growth of new blood vessels into a tumor. Researchers will develop the therapy for wet age-related macular degeneration and other conditions. The pact includes a profit-sharing arrangement for all countries outside the U.S. Regeneron retains full U.S. commercialization rights.

- read the AFX report for more information

SR Pharma inks $95M licensing pact

Mon, 25 Sep 2006 20:01:34 -0400

Shares of the UK's SR Pharma soared after the company announced that its subsidiary, Atugen, stands to gain up to $95 million in milestones plus royalties from a new licensing deal inked with Pfizer. SR Pharma will gain $3.5 million when Phase I trials start for an RNAi treatment for age-related macular degeneration developed with Quark Biotech. Full financial details were not disclosed.

- here's the AFX article on SR Pharma

ALSO NOTED: FDA OKs Iomai trial; Agency panel to review Factive; Curis opens China subsidiary; and much more...

Mon, 11 Sep 2006 20:01:30 -0400

> The FDA has approved a Phase I trial of Iomai's flu vaccine patch. The trial will enlist 300 volunteers to compare the effectiveness of delivering the vaccine to the cells in the skin compared to an injectable. Report

> Trading in shares of Oscient Pharmaceuticals was suspended in advance of an FDA panel meeting to consider expanding the use of Factive tablets to treat acute sinus infections. Regulatory staffers have questioned Factive's link to an allergic rash and some analysts say an approval is unlikely. Report

> Cambridge, MA-based Curis has opened a subsidiary in China to advance a cancer program utilizing the country's "cost-efficient medicinal chemistry industry." Release

> Canada's ConjuChem Biotechnologies produced positive Phase I/II data on its experimental therapy for type 2 diabetes. Release

> Antisoma says its drug AS1404 in combination with Erbitux reduces the growth of lung cancer xenografts. Report

> VioQuest Pharmaceuticals has dosed the first patient in its Phase I/IIa clinical trial of VQD-002, triciribine-phosphate for leukemia. Release

> OXiGENE is planning to focus its ophthalmology strategy on oral or other non-intravitreal forms of administrations of Combretastatin A4 Phosphate (CA4P) for age-related macular degeneration. Release

> San Diego-based Arena Pharmaceuticals has begun dosing patients in the first of three planned Phase III clinical trials evaluating its lead drug candidate, lorcaserin hydrochloride, for the treatment of obesity. Release

And Finally… To understand health in America, you have to divide the country into eight "Americas," each with its own set of demographics, according to a new study. Report

ALSO NOTED: Swiss approve Lucentis; ViroPharma shares buoyed by hep C data; and much more...

Mon, 28 Aug 2006 20:00:50 -0400

> Novartis has announced that Switzerland has approved Lucentis for age-related macular degeneration, marking its first European approval for the drug. The FDA approved Lucentis two months ago. Novartis says it will start supplying the drug in September. Report

> ViroPharma shares were buoyed by positive results from an early trial of its drug for hepatitis C. After 14 days of doses of HCV-796 with another therapy patients had an average viral reduction close to 100 percent. Plans for Phase II are underway. Report

> Eli Lilly and India's Suven Life Sciences will collaborate on the preclinical development of new therapies for CNS disease. Suven gains upfront and milestone payments to identify new compounds. Report

> Bausch & Lomb has expanded its development pact with Talecris Biotherapeutics, gaining development rights for rPlasmin, a recombinant derivative of the human blood component plasmin that helps to dissolve blood clots. Bausch & Lomb is enlisting volunteers for an early-stage trial of rPlasmin. Report

> The FDA has approved a generic version of the injectable antibiotic Cipro. Report

> Purdue Pharma and Teva Pharmaceuticals USA have agreed to end their lawsuit concerning certain Purdue Pharma patents on OxyContin Tablets. Release

And Finally… St. Jude's Dr. Mary Relling has emerged as a leading advocate of genetic testing for providing the right drug prescription. Article

Sirna posts positive data on RNAi therapy

Thu, 10 Aug 2006 20:01:37 -0400

Sirna Therapeutics posted positive data from an early stage trial of its experimental therapy for macular degeneration. Sirna-027 demonstrated its ability to ward off loss of vision in 24 of 26 patients with wet, age-related macular degeneration. Sirna has been focused on developing a therapy using RNAi technology, which stops cells from making proteins that--in this case--damage the eye. In this case the therapy is intended to prevent the development of blood vessels in the retina. Sirna inked a $250 million licensing deal on its RNAi work with Allergan last year. "This is the first demonstration of biological activity of a chemically optimized siRNA in humans," said Sirna CMO Roberto Guerciolini.

- read the San Francisco Chronicle article on Sirna and RNAi

Lux adds $13 million to first round

Tue, 18 Jul 2006 20:01:37 -0400

Lux Biosciences has increased its $36 million first round of venture capital by $13 million, bring the total round to $49 million. New investor Prospect Venture partners kicked in $12 million, with the rest coming from HBM Partner, Novo and SV Life Sciences. The company targets ophthalmic diseases such as Uveitis, Dry Eye Syndrome and Age-Related Macular Degeneration. The company's lead product is LX-211, a Phase III compound licensed from Isotechnika.

- check out this press release

PLUS: Device maker EnteroMedics has landed $45.2 million in its third round. The company makes devices for the treatment of obesity and gastrointestinal disorders. Release

Lucentis gets the green light from regulators

Sun, 02 Jul 2006 20:01:39 -0400

As expected, the FDA on Friday gave its approval to Genentech to market Lucentis for wet, age-related macular degeneration. Genentech says it plans to charge $1,950 a dose for the drug, which will go head-to-head with OSI's Macugen, an early-market entry in the field. OSI acquired Macugen in its acquisition of Eyetech last year. Lucentis has demonstrated clear superiority to a placebo and is expected to rack up blockbuster sales. But Genentech has no plans to compare the effect of Lucentis against its cancer therapy Avastin, which has delivered significant results at a much lower cost for doctors using the therapy off-label. Genentech took 10 years to develop Lucentis.

- here's the AP report on Lucentis

ALSO NOTED: Occulogix files IDE; North Carolina in running for plant; and much more...

Sun, 11 Jun 2006 20:00:50 -0400

> Canada's Occulogix says it will file an application for an Investigational Device Exemption with the FDA for its RHEO system to treat dry age-related macular degeneration. Occulogix says it met with representatives of the FDA last week and that they asked for a new study of the RHEO System. Report

> Holly Springs, NC has been excited by reports that it is in the running for a major biopharmaceutical facility that will generate up to 400 jobs. Report

> Shares of Pozen climbed in overnight trading, recovering some of the losses triggered by an FDA request last week for more data on its migraine drug Trexima. Report

> Citing "compelling" data, Bayer HealthCare will proceed with a late-stage study of antithrombosis drug BAY 59-7939 in two chronic indications. Release

> Sunesis has snared a $4.25 million milestone payment from Merck. Release

> Ceragenix is touting preclinical results for a lead compound that demonstrates signs of inhibiting bladder cancer growth. Release

> Avigen is planning to launch a Phase IIa trial of AV411 for neuropathic pain. Release

And Finally…The mentally ill suffer from diabetes at twice the rate of the general population. Article

Genentech wins priority review for Lucentis

Tue, 28 Feb 2006 19:01:37 -0500

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

OccuLogix shares dive on Phase III failure

Thu, 02 Feb 2006 19:01:39 -0500

OccuLogix stock was body slammed bright and early this morning after the biotech company announced that its therapy for age-related macular degeneration failed to hit its primary endpoint in a Phase III trial. Shares plunged 65 percent on the news. Researchers noted a positive response among the treatment group but said that an "anomalous response" in the placebo group forced the trial failure.

- read this report from MarketWatch for more information