My thanks to DB and to GSK :-) I sold 60 PUT contracts yesterday afternoon. Usually my timing absolutely sucks. What'd I do wrong this time?
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GlaxoSmithKline Accelerates Review of Exelixis' XL880
- Early review expected to facilitate rapid advancement of leading MET inhibitor into later stage clinical studies -
SOUTH SAN FRANCISCO, Calif., Aug. 23 /PRNewswire-FirstCall/ -- Exelixis,
Inc. (Nasdaq: EXEL) today announced that it has agreed to a request from
GlaxoSmithKline (GSK) to initiate its review of XL880 before the compound
reaches proof-of-concept. Exelixis expects to deliver the appropriate
diligence information to GSK in mid-September, at which point GSK will begin
its review to determine whether or not to select XL880 for further development
and commercialization. Both companies have agreed to expedite the review of
XL880 in order to build on its position as a leading MET inhibitor, which is
believed to be the most advanced in clinical development. Under the terms of
the product development and commercialization agreement between the parties,
GSK's review period would have otherwise commenced once proof-of-concept data
became available. In addition, the companies have initiated preliminary
transition activities in the event that GSK decides to select XL880 for
further clinical development and commercialization.
"We are extremely pleased that GSK has asked us to expedite its review
process for XL880. This request reflects the high level of excitement around
both the compound and the therapeutic potential of MET inhibition," said
George A. Scangos, Ph.D., president and chief executive officer of Exelixis.
"Our recently reported data from the XL880 Phase 1 trial at the 2007 ASCO
Annual Meeting underscore our belief that XL880 is the most advanced MET
inhibitor in clinical development, and we and GSK are committed to building
upon this leadership position."
About XL880
XL880 has attractive pharmaceutical properties, with high solubility and
oral bioavailability. In preclinical studies, XL880 inhibited its targets with
nanomolar potency, and retained potent activity against mutationally activated
forms of MET found in hereditary papillary renal cell carcinomas. The compound
also demonstrated dose-dependent tumor growth inhibition in models of breast
cancer, colorectal cancer, non-small cell lung cancer, and glioblastoma, and
has been shown to cause substantial tumor regression in all models tested.
Significantly, a single dose of XL880 completely inhibited tumor growth for 21
days in a glioblastoma model.
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