I missed the SCIO presentation at H&Q today - the webcast didn't seem to work. Anyone catch it?
Here's a mini-report from Bloomberg:
01/06 13:49
Scios Expects to Find Partner for Arthritis Compound in 2003
By Kristin Reed
San Francisco, Jan. 6 (Bloomberg) -- Scios Inc., which sells the heart drug Natrecor, is in advanced talks with possible development partners for its second compound, an experimental arthritis medicine.
The company is nearing the end of an initial safety study for SCIO-469, and has tested five out of six possible doses without encountering significant side effects, Scios officials told investors at the JP Morgan Chase H&Q health-care conference.
Scios has been ``inundated'' with pharmaceutical and big biotech requests to discuss development partnerships, according to Chief Executive Officer Richard Brewer.
``We are looking for a profit split that's significant -- at least 50-50, and better than that if we can,'' Brewer said in an interview.
Brewer said interest in SCIO-469 is high because if successful, the compound may be the only oral alternative to arthritis drugs such as Amgen Inc.'s Enbrel and Johnson & Johnson's Remicade, which must be injected or infused.
``All we need (to administer SCIO-469) is a glass of water and a couple of tablets,'' Brewer told investors. ``This has been the Holy Grail for many years. These are billion-dollar markets, and they are growing.''
Shares of Sunnyvale, California-based Scios rose $1.52, or 4.3 percent, to $34.85, an all-time high, as of 1:41 p.m. New York time in Nasdaq Stock Market trading. The shares gained 37 percent last year, making Scios the fifth-best-performing stock on the 72- member Nasdaq Biotechnology Index for 2002.
Scios also wants to keep rights to develop SCIO-469 on its own for other possible uses, Brewer said. The compound might be useful against other conditions that involve inflammation.
Results from the arthritis safety study will be reported in April, the company said.
Brewer also confirmed earlier predictions that Natrecor sales would reach $92 million to $95 million in 2002, and then increase to $160 million to $170 million in 2003.
Very nice day for me today - big move by SEPR for reasons unknown, and also a healthy move by ITMN that was timed nicely for my options play. Still hoping for more good ITMN action tomorrow.
Peter |
