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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly)

PFE 25.64

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To: Anthony Wong who wrote (743)	9/4/1998 7:53:00 AM
From: Anthony Wong	Read Replies (1) of 1722

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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