Rick -
Boy I wish I had followed your advice and shorted ENMD. Have you seen the latest news? Bristal Myers just "stepped aside" from any further involvement with angiostatin. The language in the release is very...harsh, imho.
Here is tis...
Bristol-Myers bows out of cancer protein project
By Janet Haney, CBS MarketWatch
Last Update: 8:29 PM ET Feb 9, 1999 Movers & Shakers
PRINCETON, N.J. (CBS.MW) -- Bristol-Myers Squibb and EntreMed said Tuesday the companies have re-evaluated a research agreement concerning Angiostatin protein, resulting in Bristol-Myers' stepping aside from further development of the cancer-therapy protein for now.
Under the agreement, Rockville, Md.-based EntreMed (ENMD) is now responsible for all upcoming work on the molecule. Bristol-Myers Squibb (BMY) has the option to "reassume" development and marketing once proof that the protein meets its criteria for clinical trials becomes clear.
Angiostatin is an antiangiogenic molecule being studied as a possible cancer therapy. Antiangiogenesis research includes the prevention of abnormal blood-vessel growth related to a variety of diseases.
"At this time, Angiostatin protein in its present form does not meet our criteria for molecules that advance to clinical trials," Robert A. Kramer, vice president of oncology drug discovery for Bristol-Myers, said in a press release.
"We have chosen to direct our resources to other programs in our broad oncology pipeline. We continue, however, to view antiangiogenesis as an important and viable target in the spectrum of oncology research," he added.
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Given the research inconsistencies of endiostatin, and Folkman's recent move, I think the writing is on the wall. Entremed could lose 10 points over the next couple weeks, imho. |
