Man, what a day for science and modern medicine...CTIC
Cell Therapeutics Got FDA OK For Leukemia Treatment
09/26 14:07 (DJ)
Story 5581 =DJ Cell Therapeutics/FDA-3: Co Is 'Ready To Ship' Drug
Cell Therapeutics is "ready to ship" Trisenox in the next week to 10 days, and has an experienced oncology sales force of 16 people in place to handle the first indication from the FDA, Chief Executive Jim Bianco told Dow Jones Newswires.
As the company receives further support that the drug can treat a variety of cancers and works closely with the FDA to determine the type of data that is adequate to demonstrate Trisenox's potential, it plans to build its sales force up to between 50 and 60 representatives, Bianco added.
The company has initiated or plans to begin 12 company-sponsored trials to evaluate the treatment in other cancers. With the independent studies of the drug, there will be between 27 and 30 clinical trials ongoing next year, according to Bianco, adding the multiple myeloma study may have enough data for an application as early as next year.
Although sales of Trisenox for treating acute promyelocytic leukemia aren't expected to fill Cell Therapeutics' coffers, given that the disease affects 10% to 15% of the 10,000 patients who are diagnosed with acute myeloid leukemia each year, Trisenox could be a "very large product" for Cell Therapeutics as more data confirm its promise of treating "virtually untreatable" cancers, especially solid tumors, according to CIBC World Markets analyst Matt Geller.
US Bancorp Piper Jaffray analyst Peter Ginsberg estimates Trisenox could log peak sales of $200 million for hematologic cancers. But if it proves effective in treating solid tumors, kidney cancer, and prostate cancer, sales could go "well beyond" $200 million, he said.
As a result of the FDA approval and the expected stream of positive data, analysts increased their 12-month price targets. Geller raised his target to $101 a share and Ginsberg to $77 from $44.
Shares of Cell Therapeutics recently traded at $52.75, up $5.00, or 8.5%, on composite volume of 2 million shares, compared with average daily volume of 516,225 shares.
-By Beth M. Mantz, Dow Jones Newswires; 201-938-5287; beth.mantz@dowjones.com
(END) DOW JONES NEWS 09-26-00
04:29 PM
CIBC has a target of over 100 on the stock. Piper saying 77. Both underwrote an offering for CTIC recently and exercised their overallotment. But I watched and traded that stock today...and them boys were buyers...really supported the stock. This is one to watch. The company has lots of cash from that offering too. SHould be some real nice volatility in the stock over the next few days/weeks. |
