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Biotech / Medical : Protein Design Labs (PDLI): Stock strong

PDLI 2.470

0.0%

Jan 18 4:00 PM EST

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To: tuck who wrote (389)	10/12/2007 10:57:01 AM
From: tom pope	of 407

Merrill: Daclizumab shows encouraging phase ll data in MS PDL announced in March ’07 that the 230-patient CHOICE phase ll study for daclizumab in the treatment of multiple sclerosis had met its primary endpoint. The data from the study will be presented Fri. Oct. 12 at ECTRIMS (Eur. Committee for Treatment and Research of Multiple Sclerosis) and it shows that patients on beta interferon and the higher of two doses of daclizumab had a statistically significant 72% reduction in new or enlarged gadolinium-enhancing lesions (Gd-CELs) at week 24 compared to beta interferon alone. Maintain Buy. Higher dose shows significant reduction in MS lesions The CHOICE phase ll data showed that patients receiving daclizumab 2 mg/kg subcu every two weeks had 72% fewer new or enlarged Gd-CELs at week 24 compared to beta interferon alone, which was statistically significant (p=0.004), while 1 mg/kg once a month dosing showed a 25% reduction (not statistically significant). There was also a trend in both dosing arms toward lower annualized relapsed rates (~35% reduction) at week 24. Safety data showed higher incidence of serious infections in patients on daclizumab (4.6% vs. 1.3% placebo). PDL and BIIB to start SELECT monotherapy trial by YE07 Daclizumab is a humanized antibody that binds to the IL-2 receptor on activated T cells and is being co-developed with BiogenIDec for the treatment of MS. It is a higher concentration subcu formulation of the antibody sold as Zenapax by Roche which is given intravenously for the prevention of renal transplant rejection. Following the CHOICE study, PDL and BIIB expect to begin the SELECT monotherapy phase ll trial for daclizumab in relapsing MS by YE07. Waiting on transactions, but pipeline showing some life While we await further news on the progress of the strategic review and potential transactions at PDL, the pipeline is showing some life with the daclizumab clinical progress in the treatment of MS. We currently assign about $1 per share to daclizumab in our sum of the parts NPV model.

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