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Biotech / Medical : Biotech failure, 2002 -- Ignore unavailable to you. Want to Upgrade?

To: scott_jiminez who wrote (29)	2/25/2002 7:02:23 PM
From: keokalani'nui	Respond to of 130

Angiotech Pharmaceuticals, Inc.: Phase 2 Multiple Sclerosis Trial Fails to Meet Primary Objective VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 25, 2002-- Angiotech Pharmaceuticals, Inc. (NASDAQ:ANPI - news; TSE:ANP - news) today announced that it has completed the assessment of their double-blind, randomized, placebo-controlled Phase 2 MS study conducted at 9 centers across Canada. A total of 174 patients completed the full course and received either placebo or PAXCEED(TM) at 50 mg/m2 or 75 mg/m2 every 4 weeks for a total of six doses (with a 12-week follow-up period). The primary objective was to determine the difference in new lesion activity by magnetic resonance imaging (MRI) in the PAXCEED(TM) treatment groups relative to the control group during the treatment phase. Clinical end points were also measured, including the Expanded Disability Status Scale (EDSS). The study failed to meet statistical significance in its primary MRI objective. The more detailed results of the trial will be discussed at an analyst conference call today at 2 PM PST (5 PM EST). The Phase 2 study was based on positive data obtained in Phase 1 including 2 treatment extension phases, the latest of which showed that 83% of patients either stabilized or improved at the 3 year follow-up point. ``We are obviously disappointed that the primary objective of the study was not met,'' said William Hunter, MD, MSc, Chairman and CEO of Angiotech. ``As a result, we believe that pursuing a Phase 3 study in this patient population would present an unacceptable risk to Angiotech and its shareholders and does not warrant the significant time and financial expense involved. However, we are encouraged by the impressive safety profile of the drug at higher doses than previously tested which we believe will assist us in the further development of other programs.''