there are some striking similarities to DRAX at this stage and another stock i used to follow a few years back...that other stock did very well...i do not know how DRAX will fare but today's announcement looks interesting...my opinion only and do your own due diligence till it hurts:
(COMTEX) B: DRAXIS Receives U.S. NRC Approval for BrachySeed(TM) Pros
B: DRAXIS Receives U.S. NRC Approval for BrachySeed(TM) Prostate Cancer
Treatment; Way Cleared for Cytogen to Begin U.S. Sales
MISSISSAUGA, Ontario, and PRINCETON, N.J., Sep 21, 2000 /PRNewswire via COMTE
/ --
DRAXIS Health Inc. (Nasdaq: DRAX; Toronto: DAX) and Cytogen Corporation (Nasdaq:
CYTO) today announced that DRAXIS' wholly owned radiopharmaceutical subsidiary,
DRAXIMAGE, has received U.S. Nuclear Regulatory Commission (NRC) approval with
respect to its BrachySeed(TM) implant for prostate cancer therapy.
Dr. Martin Barkin, President and CEO of DRAXIS Health stated, "We are very
pleased to report that BrachySeed(TM) is now cleared for sale in the U.S. FDA
approvals were received late August, and the NRC approvals represented the final
step in the process. Working with Cytogen, our marketing partner, we expect that
BrachySeed(TM) will be available in the U.S. late this year."
BrachySeed(TM) is a second generation brachytherapy implant which demonstrates a
number of important innovations over currently available technology, including
double encapsulation for additional patient safety and near perfect dosimetry.
The most important advantage was reported earlier by researchers at McMaster
University, Ontario, Canada, who confirmed that the dose and radiation
distribution of BrachySeed(TM) exhibits excellent symmetry.
H. Joseph Reiser, Ph.D., President and CEO of Cytogen stated, "ProstaScint(R),
our radiolabeled monoclonal antibody, is the leading imaging agent for
determining if prostate cancer has spread beyond the prostate.
ProstaScint(R)-guided brachytherapy, incorporating the second generation
BrachySeed(TM) implants, clearly places Cytogen on the cutting edge of prostate
cancer management."
In a paper recently published in the International Journal of Radiation
Oncology, clinicians reported using Cytogen Corporation's ProstaScint(R) to
guide delivery of more targeted radiation to prostate cancer cells. The
researchers combined ProstaScint(R) images with CT (computer tomography) scans
to locate the highest areas of tumour burden within the prostate gland and
implanted radioactive seeds within these areas -- a treatment called radio-
immunoguided prostate brachytherapy. Relative to his paper, Rodney J. Ellis,
M.D., Director of Brachytherapy, University Hospital of Cleveland and lead
author on the new clinical study commented, "I believe that biological imaging
with agents such as ProstaScint(R) will advance oncology treatment to the next
level by helping improve cure rates and decreasing side effects."
Brachytherapy implants are used in the treatment of localized cancers, primarily
prostate, the second most common form of cancer and the second leading cause of
cancer deaths in men. Brachytherapy is the fastest growing treatment for early
stage prostate cancer and offers a number of advantages compared to alternative
treatments, including rapid patient recovery, lower costs and reduced incidence
of complications, such as impotency and incontinence.
Cytogen Corporation is an established biopharmaceutical company in Princeton,
NJ, with two principal lines of business, proteomics and oncology. The Company
is extending its expertise in antibodies and molecular recognition to the
development of new products and proteomics-driven drug delivery platform. The
Company has established a pipeline of product candidates based on its
proprietary antibody and prostate specific membrane antigen, or PSMA,
technologies. The Company's cancer management franchise currently comprises
three marketed FDA-approved products: ProstaScint(R), used to image the extent
and spread of prostate cancer; OncoScint CR/OV(R), a diagnostic imaging agent
for colorectal and ovarian cancer; and Quadramet(R), for the relief of
cancer-related bone pain, particularly for metastatic cancer of the prostate.
DRAXIMAGE, based in Kirkland, Quebec, is Canada's leading manufacturer of
radiopharmaceuticals and its products are available in many countries around the
world. DRAXIMAGE specializes in the discovery, development, manufacturing and
marketing of diagnostic and therapeutic products for use in Nuclear Medicine and
Oncology. Fibrimage(R), the Company's diagnostic agent for deep vein thrombosis
is undergoing Phase III clinical trials in Canada.
DRAXIS Health Inc. is a diversified speciality pharmaceutical company operating
in three niche markets: Radiopharmaceuticals (DRAXIMAGE), Canadian sales and
marketing (DRAXIS Pharmaceutica) and Companion Animal Health (through its global
alliance with Pfizer Inc.). DRAXIS supports its own as well as third party
manufacturing requirements through its subsidiary, DRAXIS Pharma, located in
Kirkland, Quebec.
Except for historical information, this news release contains certain
forward-looking statements that involve risk and uncertainties, which may cause
actual results to differ materially from the statements made. Such factors
include, but are not limited to, changing market conditions, clinical trial
results, the establishment of new corporate alliances, the impact of competitive
products and pricing, the timely development, regulatory approval and market
acceptance of the Company's products, and other risks detailed from time-to-time
in the Company's filings with the US Securities and Exchange Commission and
Canadian securities authorities.
SOURCE Cytogen Corporation
CONTACT: Paul Lee of DRAXIS, 877-441-1984, or Plee@draxis.com; or
Richard W. Krawiec, Ph.D. of Cytogen, 609-750-8289; or Lisa C
rlton-Wilson of
Insite Communications, 212-759-3929, or lwilson@in-siteco.com
URL: cytogen.com
prnewswire.com
(C) 2000 PR Newswire. All rights reserved.
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KEYWORD: New Jersey
Ontario
Quebec
INDUSTRY KEYWORD: MTC
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