<<I would hope that they aren't beefing up the salesforce for a candidate in small PII trials.>>
The data at AACR on Ovarian is from the NCI trial. Small numbers - YES. Significant anti-tumor activity - YES. At ASCO MGI Pharma will be presenting data from their own Ovarian trial, additional small numbers - YES. Significant anti-tumor activity - we will see won't we.
The 50 patient Pancreatic Phase II is a large enough patient population to enable an expedited review designation from the FDA (pending exceptional results that is), I am fully aware that upon such designation - a broader trial would be commenced as confirmation of the relatively small patient population results (this would be true and possible with Ovarian as well). This data will be unveiled at ASCO. Dr. Von Hoff, who has spent a considerable amount of his time working with Irofulven (MGI-114) development will be presenting at AACR:
Sunday, April 2, 2000
Presidential Address, "Pancreatic Cancer: New Targets, New Treatments" Daniel D. Von Hoff 8:00 - 9:00 a.m.
The MGI sponsored Phase II pancreatic study is being conducted at the San Antonio Cancer Institute, Dr. Von Hoff has been a lead member of this group.
Now look more closely at just who was brought to MGI Pharma in this recent expansion:
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MGI PHARMA also announced that Al Caplan has joined the company as its vice president of sales. Mr. Caplan is a senior pharmaceutical sales executive with two decades of experience in sales positions, managed care and marketing positions of progressive responsibilities at what is now Aventis Pharma. Most recently, Mr. Caplan was national sales director of a 117-person oncology and rheumatology specialty sales organization.
``This planned expansion demonstrates MGI's commitment to its current products and better positions MGI's commercial organization to execute on the company's business development and licensing strategy. In addition, it puts MGI's commercial organization on a growth path toward sufficient size to realize the opportunity that would be available upon approval of irofulven."
To complement the expanded field effort, MGI PHARMA also announced the hiring of Reggie Bowerman as director of marketing and Art Fratamico as director of commercial development. Mr. Bowerman will lead MGI PHARMA's marketing efforts with currently promoted products and position MGI PHARMA's commercial organization for the launch of future products. Mr. Fratamico will lead commercial planning efforts for irofulven, while also providing leadership for execution of MGI PHARMA's business development and licensing strategy.
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1. MGI Pharma is profitable, and nicely so.
2. MGI Pharma has no debt.
3. MGI Pharma has approximately $30 million cash in the bank.
4. MGI Pharma has a significant revenue stream from sales of Salagen tablets for the treatment of radiation and Sjogrens induced dry-mouth.
5. MGI Pharma has grown sales of their Salagen product for 4 consecutive years at 40% plus with 90% plus gross profit.
6. MGI Pharma in 1999 reached a co-promotion agreement with PNU concerning sales of Azulfidine EN-tabs tabs for the U.S. market.
7. MGI Pharma has a strong and accomplished specialty sales force focusing on both Oncology and Rheumatolgy.
8. MGI Pharma CEO, Chuck Blitzer, has proven business devlopment expertise. (eg. Cardizem - Marion Labs)
9. MGI Pharma owns worldwide patents to the acylfulvene family, MGI-114 being the lead candidate.
These are a few of the reasons I feel MGI Pharma presents a compelling investment opportunity.
Ward |
