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Biotech / Medical : Cell Genesys (CEGE) -- Ignore unavailable to you. Want to Upgrade?


To: david james who wrote (1195)5/19/2002 2:04:42 PM
From: tuck  Respond to of 1298
 
>>ORLANDO, Fla., May 19 /PRNewswire-FirstCall/ -- Cell Genesys, Inc. (Nasdaq: CEGE - News) today reported encouraging long term survival data from a Phase II multicenter clinical trial of GVAX® prostate cancer vaccine which demonstrates a dose-dependent trend toward prolonged survival in patients with hormone refractory prostate cancer metastatic to bone. In the 34-patient study, seven of 10 (70 percent) patients receiving the higher dose level of the vaccine are alive 2.5 years after treatment (median survival greater than 30 months). Of the 24 patients receiving the lower dose of the vaccine, nine of 22 patients (41 percent) are alive 2.5 years after treatment (median survival 22 months), and two were lost to follow-up. These results compare favorably to the reported median survival of seven to 11 months for hormone refractory prostate cancer patients with bone metastases who are treated with chemotherapy, the current standard of care for this patient group. The dose-dependent improvement in survival was consistent with a previously reported improvement in time to disease progression measured by both radiologic and prostate-specific antigen (PSA) endpoints also in favor of the high dose group. Treatment with GVAX® vaccine was safe and well tolerated. These data were presented at the American Society of Clinical Oncology (ASCO) Meeting in Orlando, FL by Jonathan Simons, M.D., of Emory University.

The study reported at ASCO employed a six-month treatment regimen in which patients received an initial "priming" dose of GVAX® prostate cancer vaccine followed by 12 biweekly "booster" doses using either a high dose or threefold lower dose regimen. The two dose groups were comparable with respect to disease stage, duration and prior treatment for their prostate cancer as well as other demographic criteria. The vaccine, which is a non patient-specific, "off-the-shelf" product was administered by an intradermal injection into the skin of the arms and legs in an outpatient clinic setting. Patients were observed for evidence of vaccine efficacy and safety using standard clinical and radiologic tests. No other cancer therapies aside from the GVAX® vaccine were administered during either the six-month treatment or post treatment follow-up period.

"These encouraging data have prompted Cell Genesys to plan a Phase III trial of GVAX® prostate cancer vaccine which we expect to initiate in the first half of 2003. Prior to initiating this trial, we will have the necessary manufacturing and quality control infrastructure in place to ensure the highest quality of product will be available for our Phase III trials and potential subsequent market launch," stated Joseph J. Vallner, Ph.D., president and chief operating officer of Cell Genesys. "Given the data presented today, we believe that GVAX® prostate cancer vaccine may provide an attractive alternative to chemotherapy which is the only treatment option currently available to patients with metastatic hormone refractory prostate cancer."

Based on the compelling dose response data in the Phase II trial of GVAX® prostate cancer vaccine, Cell Genesys is currently conducting Phase I/II clinical trials to evaluate a high potency GVAX® prostate cancer vaccine that secretes five to tenfold greater levels of the immune stimulatory hormone which is an active ingredient of all GVAX® products. These ongoing trials are also testing alternate schedules of administration for the high potency product and will be completed prior to its advancement into Phase III trials during the first half of 2003.

In preparation for the company's Phase III GVAX® prostate cancer vaccine clinical trial, Cell Genesys is constructing a 41,000 square-foot manufacturing facility in nearby Hayward, CA, which will be used for the manufacturing of multiple GVAX® cancer vaccine products for large scale clinical trials and potential market launch. The new GMP (Good Manufacturing Practices) facility, which is expected to be on-line in late 2002, is in addition to the company's two other GMP manufacturing facilities -- a facility in San Diego, CA for manufacturing the company's viral based products such as oncolytic virus therapies, and a facility under construction in Memphis, TN for manufacturing the company's patient-specific GVAX® lung cancer vaccine, which is expected to enter Phase III trials in late 2002.

Cell Genesys' GVAX® cancer vaccines, which are designed to stimulate an immune response against the patient's tumor, are comprised of tumor cells that have been irradiated and genetically modified to secrete GM-CSF, an immune hormone which plays a key role in stimulating the body's immune response to vaccines. GVAX® cancer vaccines have demonstrated antitumor effects against every type of human cancer against which they have been tested to date and are currently being evaluated in five types of cancer -- lung, prostate, pancreatic, leukemia and myeloma. Currently, Cell Genesys is evaluating non patient-specific, off-the-shelf GVAX® vaccines for prostate cancer and pancreatic cancer and patient-specific, individualized vaccines for lung cancer, leukemia and myeloma.

GVAX® prostate cancer vaccine is one of two types of products targeting prostate cancer currently in clinical development at Cell Genesys. In addition to GVAX® prostate cancer vaccine which is an immune-based therapy administered as a single agent, Cell Genesys is also developing oncolytic virus therapies for prostate cancer which are genetically modified adenoviruses engineered to selectively destroy prostate cancer cells and which will be administered in combination with radiation or chemotherapy. During 2002, it is projected that in the U.S. alone, approximately 189,000 new cases of prostate cancer will be diagnosed, approximately one million men are living with prostate cancer, and about 30,200 men will die of this disease. Prostate cancer is the second leading cause of cancer death in men, exceeded only by lung cancer.<<

snip

Comparing this superficially with Abbott's Atrasentan in a similar (though much larger population), GVAX kicked butt. Caveats: 1) Abbott's trial was not powered for survival. 2) In Abbott's trial the controls survived much longer, thus making Atrasentan results look less dramatic. The difference was that no other therapies were administered during the GVAX trial, while in the Atrasentan trial "All patients also received standard of care, which is a continuation of hormone therapy plus supportive care, when appropriate." So not an apples to apples comparison. If one assumes a similar control group for GVAX, it still beat Atrasentan, but that might be because the Atrasentan cohort hasn't been studied long enough yet; the PR is not clear about that, and follow-up data may show the survival times getting longer. Regardless, using the same control group, GVAX still seems to offer a noticeable survival benefit. The relevant snip from Abbott's PR follows:

>>The data, presented by Michael Carducci, M.D., associate professor at the Sidney Kimmel Comprehensive Cancer Center at Johns Hopkins and a co-lead investigator in the study, show that men who fully adhered to the protocol and received atrasentan experienced a median survival benefit of approximately three months compared to those who received placebo. All patients also received standard of care, which is a continuation of hormone therapy plus supportive care, when appropriate. Atrasentan is currently under further investigation in two, large, multinational Phase III clinical trials.

"Although this study was not designed to assess survival, we are optimistic about the potential survival advantage demonstrated with atrasentan in this trial," said Joel Nelson, M.D. professor and chairman of urology, University of Pittsburgh Cancer Institute, and the other co-lead investigator in the study. "These data further substantiate the potential clinical benefit of atrasentan for men with advanced prostate cancer. We look forward to further understanding the potential for atrasentan based on ongoing Phase III trials."

The data presented are from a Phase II study of 288 patients randomized to receive an oral, once-daily dose of 2.5 mg or 10 mg of atrasentan, or placebo together with standard of care. All patients participating in the study had prostate cancer that had metastasized (spread beyond the prostate gland) and was hormone-refractory (no longer responded to hormone therapy). After completion of the Phase II study, patients were eligible to receive atrasentan therapy in an open-label extension study.

In 244 evaluable patients, average survival was 583 days for those who received atrasentan compared to 500 days for those who received standard of care (p<0.05). The evaluable group, which was defined prior to study unblinding, included patients who met prespecified inclusion criteria and did not have any major violations of the study protocol. A similar survival trend was noted in the intent-to-treat group (which included all 288 patients originally enrolled in the study, regardless of meeting inclusion criteria or protocol violations) . . .

Adverse events were mild to moderate in severity. The most common adverse events associated with the 10 mg dose of atrasentan compared to placebo were peripheral edema (swelling, 35 percent vs. 14 percent), rhinitis (runny nose, 28 percent vs. 13 percent) and headache (20 percent vs. 10 percent) and were associated with only one treatment discontinuation.<<

No mention of adverse affects of GVAX in CEGE's PR.

If I've made any mistakes, obvious or otherwise, in this analysis, please, please correct me. I must say, that ethically, since the addition of standard of care treatment obviously helps, I like that design -- used by Abbott in their trial. But it does muddy the results a bit.

Cheers, Tuck



To: david james who wrote (1195)5/21/2002 2:32:49 AM
From: Czechsinthemail  Read Replies (1) | Respond to of 1298
 
Here's the corrected version of the May 13 story:

Reuters Company News
CORRECTED-Cash, prospects alleviate pain for tiny US biotech

In May 13 New York story headlined "FEATURE-Cash, prospects alleviate pain for tiny US biotech" ... please read in 1st para ... "its shares are near a 14-month low" ... instead of ... "an all-time low" ... (corrects historical stock performance).

In 18th para, please read ... "Cell Genesys went public in January, 1993 and shares hit a high of $61.75 in early 2000 just before stock prices" ... instead of ... "went public at $45.56 in early 2000 just as stock prices" ... (fixing year company went public and stock price).

Also in 18th para, please read ... "Shares of the company tumbled to 14-month low of $11.75" ... instead of ... "an all-time low" ... (corrects historical stock performance).

A corrected repetition follows:

By Bill Berkrot

NEW YORK, May 13 (Reuters) - Cell Genesys Inc. has yet to market a product, its shares are near a 14-month low and it is years from profitability. So why is this company's chief executive smiling?

First: Stephen Sherwin's vast experience with the peaks and valleys of the biotech industry helps buoy his confidence in his firm's ability to survive.

Second: The company has cash and stocks totaling more than $350 million that will most likely keep Cell Genesys going until it can market its innovative gene therapies for cancer.

And third, but not least: Sherwin's beloved San Francisco Giants are in first place in the National League West.

"I've been in biotech almost 20 years so I have the benefit of historical perspective on these cycles," said the avid baseball fan whose biotechnology experience includes seven years with Genentech before he left in 1990 as the company's vice president of clinical research.

Cell Genesys' fortunes have mirrored the rest of the biotechnology industry that has seen its stock prices hammered during the past 20 months. Just since January the industry has seen share values plummet more than 30 percent, and Cell Genesys has not escaped that downward trend.

Still, the company is asking investors to look at its long-term prospects if its cancer treatments clear all the hurdles needed to make it to market.

"The good news is each time we go into one of these selling periods the industry emerges even stronger from a fundamental standpoint," Sherwin said.

Until a biotech company gets a product on the market, however, its share price can be reduced almost to the value of its assets.

"As we make progress, the stock price of Cell Genesys will follow," Sherwin predicted. "We have the financial staying power because of our resources to get through this cycle."

At the end of this year's first quarter, the Foster City, California-based company had $230 million in cash and 9 million shares of former subsidiary Abgenix, which Sherwin figures is worth more than $100 million.

The company estimates it will spend about $10 million per quarter in operating expenses this year.

"I think they have one of the better business models out there," said Greg Aurand, portfolio manager for Orbitex Management Inc. "They have cash, which a lot of companies seem to not have enough of. In fact, it seems to be a fairly dear commodity."

Still Sherwin, an oncologist by profession, finds the depressed stock price frustrating, "considering the fact that the company continues to progress in all the important ways."

Cell Genesys currently has five products in mid-stage, or phase II, clinical trials, with three targeted for phase III trials -- the final stage before seeking U.S. Food and Drug Administration approval -- within the next six to 18 months.

Cell Genesys' lung cancer vaccine could begin late stage trials by the end of this year with their prostate cancer vaccine moving forward in first half of 2003, Sherwin said. The vaccines, known as GVAX, use genetically altered cells to stimulate the body's immune system to attack cancerous tumors -- a process that does not have the awful side affects of chemotherapy.

The company is also working on treatments for pancreatic cancer, leukemia, myeloma, and liver, colon and bladder cancers.

Cell Genesys went public in January, 1993, and shares hit a high of $61.75 in early 2000 just before stock prices in the biotechnology sector began their precipitous decline. Shares of the company tumbled to a 14-month low of $11.75 last week before rebounding a bit.

"It certainly is not the result of setbacks at the company in terms of programs, departures of management or urgent financial difficulties because none of those things have occurred or exist as problems today," Sherwin said.

"In truth the stock price does not impede our business day-to-day, week-to-week right now," he added. "People in biotech are patient. This is not the overnight millionaire syndrome that we were seeing with the dot-coms."

Sherwin said if all goes well, Cell Genesys would still likely not launch products before late 2004 or 2005 and possibly achieve profitability in 2006.

Still, analysts see a bright future for the company.

"I think the company is positioned for success," said Needham & Company analyst Mark Monane, who rates Cell Genesys a "strong buy."

"Biotech is a risky business but I believe they're doing everything right in terms of their drug development to help bring a novel new therapy to the market," Monane said.

"Being novel is a two-edged sword, however I think they're going to end up on the right edge because they're letting science and not the hype guide corporate strategy."

Monane said Cell Genesys is doing everything necessary to avoid a late stage failure of their products, an approach he believes will "provide the potential for real upside in the stock price."

Depending on the data Cell Genesys presents later this month, especially the advanced lung cancer vaccine could prove to be a strong candidate for fast track approval status from U.S. regulators.

"If indeed it does show the promise that we've seen to date, in the case of cancer the FDA is very cognizant that there is a lot of need out there," Aurand said, "and I think they're going to move much quicker on it if they see what we're seeing so far."

Aurand said the fact that Cell Genesys was already acquiring manufacturing facilities, "suggests they're extremely confident about their product portfolio."

And then there is that big pile of cash.

"We do have reserves that could well take us through the period of product development that's remaining at least for one of our products," Sherwin said.

"We have a much brighter outlook in that regard than a lot of other companies."