12
BioTech Navigator, March 1998
BioTech Stock Updates
In early February, Agouron (BTN
Issue #1: AIDS) announced positive
results in patients who, after failing
treatment with Viracept were treated
with other protease inhibitors and ex-
perienced favorable anti-HIV re-
sponses. Agouron also said prelimi-
nary results from an ongoing study
shows HIV in patients taking its Vira-
cept protease inhibitor combination
therapy remained below quantifiable
levels for 24 months. The company
said that at present, there are no re-
sults from controlled trials evaluating
the effect of therapy with Viracept on
clinical progression of HIV infection,
such as survival or the incidence of
opportunistic infections. As BTN
mentioned before, no one knows what
the long term effects of AIDS will be.
There is a possibility if AIDS doesn't
kill you, AIDS-related disorders may
ravage the patient.
On February 18
th
, Amgen (BTN
Issue #6: Rheumatoid Arthritis)
agreed to pay an investment partner-
ship group more than $17 million to
settle a securities fraud lawsuit
against its Synergen unit. Amgen set-
tled with former investors who allege
Synergen withheld negative test data
involving a drug to treat sepsis, a
blood infection, and other diseases.
The suit said "after the test data was
made public, Synergen's shares
dropped 67%, but not before key exec-
utives sold personal holdings netting
more than $12 million." The firm
said the limited partnership group,
arranged by PaineWebber, invested
more than $52 million in Synergen.
On February 10
th
, Amgen named
Frederick W. Gluck director and in-
creased the board to nine from eight.
In early February, Cell Genesys
(BTN Issue #1: AIDS) said that in
ongoing clinical trials of its AIDS
ene therapy, treated T cells survived
longer than ten weeks with no signifi-
cant treatment-related side effects.
The current trials are testing the ther-
apy on patients with persistent HIV in
the blood despite continued antiviral
drug therapy. An additional Phase II
trial will test the treatment, in combi-
nation with drugs, on patients without
detectable HIV virus in the blood.
In early February, Cell Genesys'
Abgenix Inc. subsidiary said it has
signed a collaborative research agree-
ment with Schering-Plough Research
Institute, the pharmaceutical research
and development arm of Schering-
Plough Corp. (SGP). Under the
agreement, it will use its XenoMouse
technology to generate fully human
monoclonal antibodies to an undis-
closed antigen target for Schering-
Plough Research and with an option
to enter into a research and license
agreement that would provide Ab-
genix with additional research pay-
ments, milestone payments and royal-
ties on future product sales by
Schering-Plough.
On February 25
th
, Centocor (BTN
Issue #4: Breast Cancer) said the
Food and Drug Administration (FDA)
will give a priority review to the
Avakine biologics license application.
The company filed on Dec. 31, 1997 a
biological license application (BLA)
for Avakine for the treatment of pa-
tients with moderate to severe Crohn's
disease, including fistulizing Crohn's
disease.
Chiron's (BTN Issue #1: AIDS)
announced fourth quarter and full-
year financial results which were in
line with expectations. Fourth quar-
ter earnings per share were 29˘ and
year end earnings per share were 40˘.
In comparison to last year's financial
results, which were 9˘ a share for the
fourth quarter and 31˘ for year end.
Chiron's revenues were hurt by fluc-
tuating foreign currency exchange
rates. Product sales in 1997 would
have been $14 million higher in the
fourth quarter and $45 million higher
for the full year if rates had remained
constant with the year-ago period.
In early February, Chiron (BTN
Issue #2: AIDS-related) and Pharma-
cia & Upjohn Inc. (PNU) formed a
strategic collaboration to identify
small-molecule inhibitors of the hep-
atitis C virus. The companies said
Chiron will receive an unspecified up-
front payment from Pharmacia. The
companies will contribute equal re-
sources and funding for research, pre-
clinical, clinical and commercial de-
velopment of new hepatitis C com-
pounds. Pharmacia and Chiron will
share worldwide marketing rights.
Chiron will provide its detailed scien-
tific knowledge of hepatitis C, as well
as non-exclusive rights to all hepatitis
C targets covered by Chiron's patent
and patent applications.
On February 19
th
, COR (BTN Is-
sue #9: Cardiovascular) said it has
received $8 million from Schering-
Plough Corp. (SGP), following the
application for European marketing
approval of Integrilin for the treat-
ment of patients with unstable angina
and non-Q-wave myocardial infarc-
tion and as an adjunct to percutaneous
transluminal coronary angioplasty
(PTCA).
Shareholders filed suit on February
2, against Cor, charging the company
with issuing false statements about the
clinical significance of trials for its
Integrilin drug for treating angina.
The alleged violations include issuing
false statements to the public and in
Securities and Exchange Commission
filings regarding statistical signifi-
This section is to update and inform the happenings of those stocks that were previously featured in past issues.
