Today both disappointments were predictable, in one hand. Pagoclone problems surfaced three years ago, while Avonex slow down was just question of time.
Friday June 7, 7:42 am Eastern Time
Press Release
SOURCE: Indevus Pharmaceuticals
Pfizer Returns Pagoclone to Indevus
Company Schedules Conference Call for June 7, 2002, 9 AM EDT
LEXINGTON, Mass.--(BW HealthWire)--June 7, 2002--Indevus Pharmaceuticals, Inc. (NASDAQ: IDEV - News) today announced that Pfizer Inc. will return to the Company exclusive, worldwide development and commercialization rights to pagoclone, a drug in advanced clinical stage testing to treat anxiety disorders.
Pfizer has informed the Company of the results of its most recent clinical trials with pagoclone in generalized anxiety disorder (GAD) and panic disorder, which did not achieve the level of efficacy established in previous trials. Accordingly, Pfizer has elected not to pursue further development of the compound. As demonstrated in previous clinical trials, pagoclone was well tolerated in these latest trials, with no significant differences from placebo with respect to adverse events, including sedation and withdrawal effects.
Friday June 7, 9:04 am Eastern Time
Biogen Shares Fall After Firm Trims Forecasts
CAMBRIDGE, Mass. -- Biogen Inc. (NasdaqNM: BGEN - News) reduced second-quarter and full-year earnings guidance, citing slowing sales of its multiple sclerosis drug Avonex and weaker-than-expected U.S. market growth.
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The Cambridge, Mass. , biotechnology concern said Friday it expects second- quarter Avonex revenue of $170 million to $180 million, down about $20 million from previous estimates. Biogen said this will trim earnings in the quarter by about nine cents a share, to 28 cents to 32 cents a share. The company now estimates yearly operating earnings of $1.50 to $1.60 a share. |
