Here's the story... must have missed it!
Washington, April 8 (Bloomberg) -- Cephalon Inc.'s shares rose more than 23 percent on strong sales of its new narcolepsy drug Provigil, analysts said.
Shares in the money-losing biotechnology company rose 2 3/16 to close at 11 9/16.
Prescriptions for the drug have been increasing at a rate of 48 percent a week since it was introduced in mid-February, BankBoston Robertson Stephens analysts said in a note this afternoon.
''Provigil has the ability to continually beat analysts expectations,'' said BankBoston's Greg Miliotes, pointing to its possible use in disorders ranging from Alzheimer's disease to jet lag. The drug is only approved for use in daytime sleepiness associated with narcolepsy.
Provigil, which was approved by the U.S. Food and Drug Administration in late December, has been a shot in the arm for the West Chester, Pennsylvania-based company. Three years ago, the company traded as high as 40, tumbling after the FDA showed little sign of approving the company's best known drug, Myotrophin, a treatment for Lou Gehrig's disease that was expected at one time to be a major seller.
Brian Reid in Washington (202) 624-1936
Apr/08/ 99 17:18
DAK |
