To all:
More positive developments for Avonex:
> > > Wednesday February 17, 6:06 pm Eastern Time
Biogen To Make New Version of Drug
NEW YORK (AP) -- Biogen (Nasdaq:BGEN - news), a leading biotech company, signed a deal Wednesday with Inhale Therapeutic Systems to develop an inhaled version of its market leading multiple sclerosis drug.
Avonex, which is Biogen's only approved drug, is now taken by injection.
Under the terms of the agreement, Biogen will pay Inhale royalties on product sales, an up-front signing fee and an estimated $25 million for research funding. Biogen will be responsible for human testing, marketing and commercialization.
Multiple sclerosis leads to degeneration of nerve cells in the brain and spinal cord, resulting in disturbances in vision, muscle weakness and increasing disability over time. Multiple sclerosis affects an estimated 1.1 million people worldwide.
Avonex slows the progression of the disease. Worldwide, more than 55,000 multiple sclerosis patients take Avonex, which last year had sales of $395 million.< < <
Above was released last night and is reported today in WSJ, Boston Herald, etc. etc.
Steve
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