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Biotech / Medical : MGI Pharma MOGN New patents, anti cancer
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From: Icebrg6/22/2006 1:42:19 PM
   of 1826
 
NeoPharm Shares Drop on Study News
June 22, 2006, 9:33AM

WAUKEGAN, Ill. — NeoPharm Inc. said it will continue with a late-stage clinical study of its brain cancer drug on the recommendation of an independent committee.

In a statement Thursday, the company said it will continue to the final analysis of a Phase III trial of its brain cancer drug, cintredekin besudotox, which will take place at 215 deaths. The independent data monitoring committee made the recommendation after reviewing interim data at 160 deaths to see if effectiveness could be proven early.

NeoPharm shares fell $1, or 15.4 percent, to $5.50 in morning trading on the Nasdaq. The stock has traded between $5.25 and $15.47 in the last 52 weeks.

"We knew that reaching the interim efficacy endpoint was an extremely high statistical hurdle and we look forward to the final study endpoint, which we currently expect to occur in the first quarter of 2007," said Guillermo A. Herrera, president and chief executive, in a statement.

He said the company believes the trial milestones will eventually be reached during the Phase III portion, based on prolonged survival times observed in a previous Phase I/II trial. The final effectiveness of the treatment will be based on comparing the overall patient survival rates from the two groups. The studies compare NeoPharm's treatment with Bloomington, Minn.-based MGi Pharma Inc.'s Gliadel drug.
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