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Biotech / Medical : VD's Model Portfolio & Discussion Thread
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To: margie who wrote (6432)2/9/1999 5:32:00 PM
From: Dan O.  Read Replies (1) of 9719
 
WSJ: "BRISTOL-MYERS SQUIBB said it will stop developing EntreMed's experimental anticancer drug, angiostatin, as part of a restructured collaboration with EntreMed. The drug had received much publicity over early signs that it could shrink tumors in laboratory mice."

"Bristol-Myers Squibb Ends Research On EntreMed's Anticancer Drug"

By MICHAEL WALDHOLZ
Staff Reporter of THE WALL STREET JOURNAL

NEW YORK -- Bristol-Myers Squibb Co. said it will stop developing
EntreMed Inc.'s experimental anticancer drug, angiostatin, as part of a
restructured collaboration with EntreMed.

The drug had received much publicity over early signs that it could
significantly shrink tumors in laboratory mice.

Bristol-Myers said it will retain the rights to develop and market a product
based on angiostatin if research by EntreMed shows the agent to be
effective in prehuman studies. But the drug maker said it will end most all
its own laboratory research into the agent, focusing its basic cancer
research efforts on the development of other agents.

Angiostatin is a natural human protein that is being studied as a new type of
cancer drug that works by cutting off a tumor's blood supply. Angiostatin
and a similar agent called endostatin were both discovered by Judah
Folkman, a Harvard University researcher, and both were licensed by
EntreMed.

EntreMed, in turn, has had a co-development agreement with
Bristol-Myers under which the large drug maker was conducting efforts to
identify the drug's anticancer properties. Under the agreement between
EntreMed and Bristol-Myers, EntreMed will now take on responsibility of
all pre-clinical research into angiostatin.

Both experimental agents received much publicity when Dr. Folkman's
laboratory reported that, when combined, the agents were able to
significantly shrink tumors in laboratory mice.

When news of the agents were reported in the press last May, EntreMed
shares jumped to as high as $85 a share. EntreMed shares fell 81.25 cents
to $24.50 on the Nasdaq Stock Market Tuesday."


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