Immunex May File in 2nd-Qtr 1999 for Expanded Use of Novantrone
Bloomberg News
December 3, 1998, 11:00 a.m. ET
Immunex May File in 2nd-Qtr 1999 for Expanded Use of Novantrone
New York, Dec. 3 (Bloomberg) -- Immunex Corp., one of the
few U.S. biotechnology companies with drugs already on the
market, said it could file in the second quarter with U.S.
regulators to expand use of its cancer drug Novantrone to
multiple sclerosis cases.
Seattle-based Immunex likely will become one of the
handful of profitable U.S. biotechnology companies next year
because of its new rheumatoid arthritis drug, Enbrel.
The U.S. Food and Drug Administration aided Immunex with
Enbrel by allowing it a faster-than-usual review, based on the
need for new rheumatoid arthritis treatments, Immunex said.
Immunex said it could get the same treatment for the expanded use
of Novantrone.
''We're hoping that the FDA will review this in a six-month
period,'' Edward Fritzky, Immunex's chairman and chief executive,
told the Bloomberg Forum.
Immunex rose 8 1/16 to 103 5/8 in midmorning trading.
Fritzky was expected to speak today at a health-care conference
held by BancBoston Robertson Stephens in New York. Biotechnology
companies often use the conferences to give investors updates on
experimental drugs in development.
American Home Products Corp., the 5th largest U.S.
drugmaker, owns 54 percent of Immunex. It fell 1/2 to 53 7/16.
Immunex won FDA approval of Enbrel last month. Analysts have
estimated Enbrel peak sales could top $1 billion. Even by the
most conservative sales estimates, Enbrel would bring in eight
times the revenue the company derived last year from all seven of
its earlier approved drugs, including Novantrone.
In 1997, Immunex's total product sales rose 16 percent to
$149.7 million. Novantrone sales rose 41 percent to $51.6
million.
--Kerry Dooley in the New York newsroom (212) 318-2300 /mfr |
