No Lupus Confab Invite for Immunomedics: BioBuzz
Lupus will be a big focus of the upcoming annual meeting of the American College of Rheumatology (ACR) next week, but Immunomedics(IMMU Quote) has been shut out of the discussion.
Immunomedics and its partner UCB submitted a late-breaker abstract seeking to present phase II data on its lupus drug epratuzumab, but ACR didn't accept the submission. "UCB did file their late-breaking abstract in time. Unfortunately, ACR only accepted 6 late breakers and ours was not chosen," confirmed Immunomedics' investor relations spokesman Chau Cheng, in an email response.
Top-line data from a phase II study of epratuzumab in lupus patients were announced on August 27, sending shares of Immunomedics soaring 61% to $6.84.
Since then, the stock has given back some of those gains, closing Monday at $4.99. Immunomedics owns the rights to epratuzumab but licensed development of the drug in lupus to the Belgian drug firm UCB in 2006.
Human Genome Sciences(HGSI Quote) will be presenting detailed data from its successful phase III study of Benlysta in lupus patients at the ACR meeting on Oct. 20. The full ACR meeting runs Oct. 16-21.
"As management had signaled, the abstract reveals that Benlysta did significantly benefit lupus patients on clinically important flare endpoints, and that the drug's safety profile is indistinguishable from placebo. This data should increase confidence in the quality of the Benlysta dataset and in the likelihood of a positive result in the second phase III study, BLISS-76, to be reported in November," writes Monness Crispi Hardt analyst Avik Roy in a research note published Monday.
ACR's decision to turn back the abstract submission from UCB and Immunomedics, by contrast, "implies that they did not find the epratuzumab data compelling," added Roy. He has a buy rating on Human Genome Sciences with a $24 price target.
Immunomedics' Cheng says the epratuzumab data from the phase II lupus study will be submitted for presentation at a future medical meeting |
