Synaptic, Eli Lilly rise on migraine drug advance
By Mary Kennedy, CBS MarketWatch
Last Update: 4:19 PM ET Sep 3, 1998
NewsWatch
PARAMUS, N.J. (CBS.MW) -- Shares of Synaptic Pharmaceutical rose
20 percent and Eli Lilly shares gained 4.4 percent Thursday on news that
a molecule for treatment of migraine headaches which they are developing
will advance to the next phase of clinical trials.
Synaptic (SNAP) and Lilly (LLY) said in a
statement that they will form a product team to
pursue commercial development of the molecule.
The companies estimate the market for migraine
drugs is about $1.2 billion and could grow to $3
billion by 2000.
Shares of Synaptic closed up 2 1/8 to 13 and Eli
Lilly rose 3 1/16 to 72 5/16.
"Clearly, this event is a very satisfactory reward for
the members of the serotonin team from both
companies whose work has contributed to the
progress of the program," said Kathleen P.
Mullinix, Ph.D., chairman and chief executive
officer of Synaptic.
Migraine headaches include throbbing headpain in
conjunction with nausea, vomiting and occasionally
blackouts. It is believed that as much as 10 percent
of the world suffers from migraines.
Synaptic is developing a process to discover and clone human receptor
genes associated with specific disorders and to create specific compounds
to treat those ailments. Synaptic is working with three other
pharmaceutical companies in addition to Eli Lilly.
Lilly, based in Indianapolis, Ind., is best known for its Prozac
anti-depressant drug.
Mary Kennedy is a reporter for CBS MarketWatch.
cbs.marketwatch.com
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