BJ,
I guess Lilly liked what they saw in the Phase II's:
Synaptic, Lilly rise on plans for migraine trial
NEW YORK, Sept 3 (Reuters) - Shares of Synaptic Pharmaceutical Corp. (SNAP - news) and its collaboration partner, Eli Lilly and Co. (LLY - news), rose Thursday after the companies said they would move a candidate migraine drug into late-stage clinical trials.
Synaptic, based in Paramus, N.J., was up 1-11/16 to 12-9/16 in early afternoon trade. Indianapolis-based Lilly was up 2-1/8 to 71-3/8.
The drug, developed by Synaptic, works by selectively stimulating the so-called 5-HT IF receptor, one of many varieties of receptors associated with the neurotransmitter serotonin.
Vector Securities analyst Robert Toth said Lilly had given Synaptic's migraine drug clearance for Phase III trials based upon Phase II data from one European trial and two U.S. trials that has not yet been made public.
''We haven't gotten a clear view of the efficacy of the drug,'' Toth said, but added that progression of the experimental compound to Phase III trials was a very positive sign.
Hambrecht & Quist drug analyst Richard van den Broek said Synaptic and Lilly had been collaborating on the migraine drug for several years as part of a broader-sweep exploration of serotonin-based drugs.
Van den Broek said the drug is believed to be free of cardiovascular side-effects common to existing ''triptan-family'' migraine treatments, such as Glaxo Wellcome Plc's (quote from Yahoo! UK & Ireland: GLXO.L) Imitrex, that simultaneously stimulate numerous types of serotonin receptors.
''Synaptic is a very well-managed company with $70 million in cash and several partnerships with larger drug companies,'' van den Broek said.
Synaptic and Merck & Co. (MRK - news) are collaborating on an early-stage trial of a drug for benign prostate hyperplasia.
Synaptic is partnered with Warner-Lambert Co. (WLA - news) in a study of galanin receptors believed involved in obesity, depression and other diseases.
|
