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Biotech / Medical : wla(warner lambert)
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To: Greg Jenkins who wrote (436)1/20/1999 11:09:00 PM
From: Greg Jenkins  Read Replies (1) of 942
 
12/15/98 Warner-Lambert Responds to Rezulin controversy

Warner Lambert responded to an article first circulated in the LA Times regarding 33 deaths, reportedly caused by liver damage in patients taking the drug Rezulin (for Type 2 diabetes). The company stated that it had always been forthcoming regarding safety and efficacy concerns with the FDA. Moreover the company feels that the article unfairly ignored the "significant" benefits the drug provides.

The company went on to say that the risk-reward ratio when consuming Rezulin should be taken into account. Of the hundreds of thousands currently taking the product, the company has claimed that incidences have been relatively few and far between. To date over 1.4 million patients have begun Rezulin therapy in the U.S. alone. Warner Lambert has stated that they intend to monitor adverse events through increased surveillance, and that they will quickly report any adverse findings to the FDA. Discussions with the company have led us to believe that the company has no immediate intention of recalling Rezulin.

Also, 10 different insiders have recently exercised over 350,000 options (including 162,000 by officer, Anthony Wild) and sold the underlying stock in the company in late November. According to the company these options had to be exercised, or they would have been lost by year-end. No reason was given however for the sale of the securities which followed the exercise. While insiders continue to own a significant amount of stock, and options the transactions were sizeable and should not be ignored.

Analyst: Glenn S. Curtis

(Updated on 12/15/98 with WLA trading at $73.63) Recommended 11/16/98 at $73.63
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