The BGEN news seem to trigger a buying stampede among biotechs today. BBH was up over 7%. Here's a news release:
US FDA panel recommends Biogen psoriasis drug
SILVER SPRING, Md., May 23 (Reuters) - A U.S. advisory panel on Thursday gave its backing for Biogen Inc.'s (NasdaqNM:BGEN - News) psoriasis treatment Amevive, a drug viewed as crucial for the company's future growth.
The panel voted 8-2 that Amevive was safe and effective for treating chronic cases of psoriasis in adults.
The Food and Drug Administration will consider the panel's opinion as it decides whether to clear Amevive for marketing in the United States. The agency usually follows its panels' advice.
Biogen, a biotech company based in Cambridge, Massachusetts, currently has only one marketed product, multiple sclerosis treatment Avonex, which is facing new competition.
Amevive is designed to treat psoriasis by targeting specific T-cells that play a critical role in the skin disorder, which causes scaling bumps and raised patches on the skin. Moderate to severe cases can lead to physical and social disabilities including depression, Biogen said. Current therapies are limited.
Genentech Inc. (NYSE:DNA - News) and XOMA Ltd. (NasdaqNM:XOMA - News) are jointly developing a psoriasis treatment called Xanelim, and Immunex Corp. (NasdaqNM:IMNX - News) is testing its arthritis drug Enbrel for psoriasis. |
