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Biotech / Medical : Biotech Valuation

CRSP 53.47

+0.3%

Nov 28 9:30 AM EST

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To: Biomaven who wrote (8940)	9/9/2003 5:04:02 PM
From: Icebrg	Read Replies (1) of 52153

>>Forteo sales have not been spectacular ($14m in the latest quarter after a 12/02 launch), so that casts some doubt on Preos's value. >> NPSP (and CTIC) are new favorites. Hunter Jackson gave a fairly upbeat presentation at Bear Stearn's conference today. Some of the "highlights". - According to NPSP, watching sales trends of Forteo, this drug is ramping up nicely and is now selling at a clip of almost 100 mUSD per year. Still relatively few MDs are actually prescribing the drug so there should still be a lot of room to grow. - NPSP expects to file for Preos towards mid-next year. - NPSP expects to start "proof"-of-concept 2A study for teglutide (neé ALX-0600) end September. I suppose it would be better to refer to the study as exploratory. - NPSP expects to start pivotal study for teglutide in the indication short bowel syndrome towards the end of this year / early next. Discussions with FDA are still pending. - Amgen announced the filing for cinacalcet yesterday. NPSP feels the drug will gain accelerated approval status and to be available on the market by mid 2004. Amgen licensed the drug in 1996, which should indicate that the royalty rate will not be substantial. But still, there will be some steady revenues coming NPSP's way. Erik

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