Here is the text of what is going on. (The link given previously will probably expire at some point).
February 9, 1999
Drug Co. Stops Work on Cancer Drug
Filed at 10:10 p.m. EST
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.
Copyright 1999 The New York Times Company |
