Bristol-Myers Squibb withdraws support of research on claimed cancer cure
Drug Co. Stops Work on Cancer Drug
February 9, 1999
By The Associated Press
PRINCETON, N.J. (AP) -- A drug once touted
for its apparent cancer-fighting qualities
suffered a major setback Tuesday when it lost
the backing of drug giant Bristol-Myers
Squibb Co.
The Princeton-based drug company previously
had a co-agreement with EntreMed Inc. of
Rockville, Md. to conduct research and
development on the drug angiostatin. Under a
new agreement announced Tuesday, the much
smaller EntreMed will now take on all
responsibility for laboratory research into
the drug.
It's unclear, however, whether the company
has the financial resources to continue the
years of research needed to bring angiostatin
to market. For the nine months ended Sept.
30, EntreMed lost $8.8 million on revenues of
$3.6 million.
Efforts to reach EntreMed officials for
additional comment were not immediately
successful.
Angiostatin, a naturally occurring protein in
humans, received a surge of favorable
publicity last May when it was featured in a
front-page New York Times article on its
possible cancer-fighting properties.
According to research by Dr. Judah Folkman of
Children's Hospital in Boston, the
combination of angiostatin and the drug
endostatin was able to shrink tumors in mice
by cutting off the tumor's blood supply.
Neither of the drugs have been tested on
people, however.
Several laboratories have had difficulties
reproducing the findings by Folkman, though
other researchers said they have had some
success with endostatin. EntreMed also has
the license to endostatin.
Bristol-Myers, which had $18.2 billion in
1998 sales, will end almost all of its
laboratory study of the protein, focusing
instead on other anticancer agents, the
company said. It is retaining its right to
reassume development and marketing rights to
a drug based on angiostatin if further
research shows it to be effective.
''At this time, angiostatin protein in its
present form does not meet our criteria for
molecules that advance to clinical trials,''
said Robert A. Kramer, Ph.D., vice president
of Oncology Drug Discovery for the
Princeton-based Bristol-Myers Squibb.
In a statement, Children's Hospital said the
change in the research agreement had no
immediate effect on the hospital's working
arrangement with EntreMed.
News of the agreement was released after the
stock markets had closed. EntreMed's stock,
which hit a high last year of $85, fell 18
3/4 cents to $24.50 on the New York Stock
Exchange. Bristol-Myers dropped $3.06 1/4 to
$122.50.
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