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Biotech / Medical : Novoste (novt) -- Ignore unavailable to you. Want to Upgrade?

To: Silver Knife who wrote (78)	11/4/2000 4:26:32 PM
From: Mike	Read Replies (1) \| Respond to of 100

Did everyone see this from late Friday nite? Great news. JNJ was supposed to beat NOVT to market so this is a major win. Lets see how the stock reacts to the news. Based on past history we may or may not see profit taking. If we see a drop I think it is a great buying opportunity. Mike Novoste, J&J Win FDA Approval for Radioactive Heart Devices Washington, Nov. 3 (Bloomberg) -- Both Novoste Corp. and rival Johnson & Johnson said they won U.S. clearance for their radiation devices that keep cleared arteries from reclogging. The companies will be racing to convince doctors to use their products, both of which use radiation to stop excess cell growth in arteries after an artery-clearing procedure called angioplasty. The approvals are the first for the new radiation technology. About 15 percent to 30 percent of angioplasty patients develop new obstructions. Analysts estimate Novoste could be the early winner in a market $1 billion annual market for therapies that prevent new blockages because their device is more convenient for doctors to use. ``For Novoste, it's all they do, so this is a big deal for them,'' Kurt Kruger, an analyst at Banc of America Securities, said prior to the FDA action. The U.S. Food and Drug Administration approved both Novoste's BetaCath system as well as J&J's device, called Checkmate. During angioplasty, doctors usually install a stent, a small mesh tube that props the artery open. In a side effect called restenosis, a layer of new cells can grow inside the stent, clogging the artery again. To prevent restenosis, the devices blast the artery with a dose of radiation. Kruger said he expects Novoste to capture 80 percent of the market and J&J to get roughly 20 percent, once both are introduced. Novoste's BetaCath system is quicker and easier to use, he said. It takes two to four minutes to operate and uses beta radiation, which allows the doctor to stay in the room with the patient during the procedure. J&J's Checkmate uses gamma radiation, which requires medical staff to leave the room. The gamma procedure takes about 20 minutes. Nov/03/2000 18:16 ET For more stories from Bloomberg News, click here. (C) Copyright 2000 Bloomberg L.P.