Rick, Story just hit Dow Jones. On AOL its on Dow Jones' front page. A story in WSJ tomorrow would not surprise me:
SAN DIEGO -(Dow Jones)- Allergan Ligand Retinoid Therapeutics Inc. (ALRI) said Wednesday it stopped an international late-stage trial of a topical gel for AIDS-related Kaposi's sarcoma and will give the drug to all patients after the medicine showed very positive results.
The venture of Ligand Pharmaceuticals Inc. (LGND) and Allergan Inc. (AGN) said that out of 82 patients in the study, 42% achieved complete or partial response to the gel, while patients on a placebo showed only a 7% response.
Patients currently enrolled in the trial will be allowed to enroll in the "open label" trial after finishing their assigned treatment, which gives the gel, called Panretin, to all patients.
The gel shrank skin lesions associated with Kaposi's sarcoma, which is a type of skin cancer that can afflict people with AIDS.
Investors applauded the news Wednesday, sending the venture's shares to a 52-week high in extremely heavy trading. In afternoon trading, shares of Allergan Ligand Retinoid were up $2.375, or 13%, at $20.50, after trading as high as $23.50. The old 52-week high was $19. Nasdaq volume of 375,000 shares far outstripped the daily average of less than 5,000. Shares of both venture partners also drew buyers.
Allergan is conducting the trial in Europe, Australia and the U.S., as the second of two phase III pivotal trials of Panretin that were started under a U.S. investigational new drug application. Another North American phase III trial is underway by Ligand Pharmaceuticals; those results are expected in the fourth quarter.
Allergan Ligand said the late-stage trials could be used to file a new drug application later this year or early next year.
The joint venture was set up to develop retinoid therapies targeting different tumours, skin ailments and eye diseases. Retinoids are naturally occurring hormones, similiar to vitamin A, and are known to regulate cellular activities. |
