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Panitumumab, given intravenously, is a monoclonal antibody which works by blocking a protein called epidermal growth factor that helps tumors grow.
The drug could potentially achieve peak sales of more than $1 billion a year, assuming its use in other indications, Merrill Lynch analyst Eric Ende said in a report.
Although the full trial results are still awaited, panitumumab may work better than ImClone's Erbitux with fewer side effects and a more convenient dosing schedule, which would allow it to dominate the colorectal cancer market, the analyst said.
Amgen and Abgenix expect to complete early next year a rolling application to the U.S. Food and Drug Administration for the drug and a final regulatory decision could come later next year.
If approved, panitumumab would be the first actual cancer drug for Amgen, which has sales in the billions for products that treat anemia and other side effects of chemotherapy.
The drug would be the first commercial product for Abgenix.
The biggest commercial opportunity for the drug is in patients with early-stage colon cancer, Pandya said.
The companies said they expect to release by year-end early results from the first 150 patients in a trial including the drug as a first-line treatment.
"It is my belief that the best use of panitumumab will be much earlier in the course of this disease, where by retarding progress of the disease it could provide ... additional years of survival," Roger Perlmutter, executive vice president of research and development at Amgen, said on a conference call.
The drug's most common side effect has been a reversible skin rash.
"In general the safety profile looks quite good for this therapy," Perlmutter said.
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