PGNX way oversold & overshorted on news, IMO. Talk about your knee-jerk reaction. The news was an announcement that the company is continuing the Phase III trials of the GMK melanoma vaccine. . . but without the assitance of the Eastern Cooperative Oncology Group.
ECOG informed Progenics that the interim analysis indicated that the relapse-free and overall survival rates for patients receiving the vaccine were lower than those for patients receiving high-dose alpha-interferon, an approved agent with a well-documented early onset of clinical effect. As expected, GMK was better tolerated than alpha-interferon with about five times less frequent and much less severe side effects.
To which the company responded: ``It was known when the phase III trial started that GMK therapy requires the body to develop an immune response to the vaccine,'' said Alan N. Houghton, M.D., Chairman of Progenics' Cancer Scientific Advisory Board, Chairman, Immunology Program, Memorial Sloan-Kettering Cancer Center and Professor, Cornell
University Medical Center in New York City. ``The onset of clinical effect for a vaccine appears later than that of other cancer therapies which are given in high doses over a much shorter period of time. From what we know, the relapse-free and overall survival rates for the GMK vaccine in the Phase III trial are tracking generally as expected at
this time based on our previous clinical experience.''
biz.yahoo.com
My feeling is that the knee-jerk reaction to this news is about 2 or 3 times what it should have been. . . especially considering that the company has other products. . . and that the GMK therapy is a joint-venture with BMY. I also believe that once this is noticed by the media. . . that it will be seen as an overreaction on a down day for biotechs. The company has other drugs in various stages of trials. . . and has plenty of joint-ventures with the majors. Also, I believe this could well be a misunderstood press release. . . the company's Chairman, Houghton, is saying as much.
Progenics Pharmaceuticals, Inc. is a biopharmaceutical company focusing on the development and commercialization of
products for the treatment and prevention of cancer and viral diseases. In addition to GMK the Company's second cancer vaccine, MGV, with broad application to a variety of cancers, is entering Phase II trials. The Company has a collaboration with Bristol-Myers Squibb Company for the development of GMK and MGV. The Company, with Cytogen Corporation, has formed a joint venture focusing on the development of cancer immunotherapies based on PSMA (Prostate Specific Membrane Antigen) technology. The Company's lead HIV product PRO 542, has completed two Phase I/II clinical trials. Progenics has two additional HIV products, PRO 367 and PRO 140, which are preparing to commence Phase I/II trials. Progenics also has collaborations with F. Hoffmann-La Roche Ltd in the area of HIV fusion co- receptors, and with American Home Products and Pharmacopeia, Inc. focusing on small-molecules targeting
the CD4 receptor.
Do your own DD. . . this is a very risky swing/position play.
Rande Is |
