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Biotech / Medical : Monsanto Co.

MTC 2.516

+2.2%

Nov 13 3:59 PM EST

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To: Dan Spillane who wrote (653)	12/1/1998 1:44:00 PM
From: Anthony Wong	Read Replies (1) of 2539

12/01 13:22 Monsanto <MTC.N> falls on early FDA panel news CHICAGO, Dec 1 (Reuters) - Shares of Monsanto Co. fell sharply Tuesday after a Food and Drug Administration official told an advisory panel meeting of the agency that the company's G.D. Searle unit's new analgesic Celebrex did not meet all usual requirements for pain management. The panel is scheduled to vote today on whether to recommend U.S. marketing approval for Celebrex, which analysts have expected to be a blockbuster drug for Searle. The first uses for which Celebrex is being reviewed are to treat osteoarthritis and rheumatoid arthritis and to manage pain. One analyst said while it appears Celebrex may not receive approval for pain management, it may still be approved for the other two indications. The FDA meeting in Silver Spring, Md., will continue throughout the day. In August, the FDA granted priority review to the drug. Celebrex, or celecoxib, is the first of a new class of so-called COX-2 inhibitors, which block an enzyme called cyclooxygenase that causes pain and inflammation. The initial launch for the drug is seen in the first quarter of next year. Shares of Monsanto fell 3-5/16 to 41-7/8.

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