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Biotech / Medical : A Good Cancer research Bio company?

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To: B. Ino who wrote ()	11/6/1996 8:13:00 AM
From: Henry Niman	of 76

Two reports came out last night that should bode well for LGND. One documented the increased bone mass in post-menapausal women who took hormone replacement therapy. Those on the therapy saw a 5% increase whilethose not on the therapy showed a 2% decrease. The 7% difference isconsidered quite significant. The major drawback was a 2 fold increase in breast cancer. Another study indicated that hormone treatment of breast cancer patients with Tamoxifin should last 5 five years. There was a significant reduction in recurrances on women taking the drug, although there were some endometrial cancer and blood clotting side effects.The two studies indicated that the approved drugs had some major benefits,but there was room for improvement. That is precisely the rational behind some of LGND's biggest (and most advanced) programs. They are teaming up with AHP (its women's health subsidiary, Wyeth Ayerst makes the $1 Billion drug Premarin which is sold for hormone replacement therapy and to a lesser extent for the treatment and prevention of osteoporosis) to find second and third generation sex steroid analogs (many of which arenon-steroidal). The program targets progesterone and estrogen agonists and antagonists. LGND has recently brought Andress Negro-Vilar on board as their CSO and Senior VP of research. He formerly headed the AHP women's health program. In addition, LGND has an osteoporosis program with PFE and Droloxifene is in advanced (phase III for breast cancer and phase II for osteoporosis) clinical trials. Another compound, CP 336,156 is slated to begin European trials this year and US trials next year. In addition to the sex steroid programs, LGND has an extensive retinoid program with AGN. One of its phase III compounds, Targretin (LGD1069),has shown to be as good or better than Tamoxifin in mouse models of breastcancer for treatment and PREVENTION (it also showed activity for thetreatment of type II diabetes).LGND is slated to look at interim clinicals next month (for Targretin and another phase III retinoid, Panretin). Recently LGND's price has slipped because of a secondary and general weakness in Biotechs (before yesterday Bioitechs were 3.7% below Jan 1 levels). Look for a significant January effect in the upcoming weeks led by LGND.

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