Is this the reason for SUGN share surging!! Sounds great!!
Sugen gains: Shares of Sugen Inc, (SUGN), the
California developer of cancer treatments, are flirting
with a 52-week high. A team at the University of
California Los Angeles announced it was starting trials
of Sugen's drug, called SU5416, on people with
advanced colon cancer.
What might really be moving the stock, though, is news
in UCLA's press release, which came out Wednesday.
In it, the team at UCLA's Jonsson Cancer Center says a
previous Sugen study "will be chronicled in a rare
two-segment piece on '60 Minutes,' scheduled to air
April 4" on CBS.
Lee Rosen, principal investigator and head of UCLA's
Cancer Therapy Development Program, noted in the
release that Sugen's drugs, which are thought to attack
tumors by cutting off their blood supply, were being
used in tests on human beings before the media started
writing about angiogenesis inhibitors and their effects
on mice last year.
UCLA researchers said they will use SU5416 in
combination with the standard chemotherapy treatments
for colon cancer. "Researchers already have determined
that SU5416 is safe for humans," the press release said.
Sugen stock rose 2 3/8 to 17 early Thursday.
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Thom Calandra is CBS MarketWatch's editor-in-chie |
