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To: SusieQ1065 who wrote (62144)	7/24/2002 9:26:53 PM
From: SpinCity1	Respond to of 208838

can i think about that? I am getting a punding headache.

To: SusieQ1065 who wrote (62144)	7/26/2002 8:07:28 AM
From: 2MAR$	Read Replies (1) \| Respond to of 208838

ADRX tank on fullyear warn ...GENZ down here on cheaper competition from Euro drug here: 2-Oxford Glyco jumps after EU recommends key drug (Adds more analyst comments para 8, 12, updates shares para 4) By Mark Potter LONDON, July 26 (Reuters) - Shares in Oxford GlycoSciences Plc <OGS.L> jumped on Friday after EU regulators gave a thumbs up to its main drug and the British biotech firm expressed hope U.S. officials would reconsider their earlier opposition to it. OGS's shares plunged last month after the U.S. Food and Drug Administration (FDA) rejected Vevesca, a treatment for Gaucher disease, a rare genetic disorder in which the body struggles to break down fat. But the European Agency for the Evaluation of Medicinal Products said late on Thursday the drug -- renamed Zavesca -- should be approved. And Chief Executive David Ebsworth told Reuters on Friday he was hopeful the FDA might re-examine its unfavourable ruling in the light of new data. At 1130 GMT OGS's shares, which have underperformed the UK pharmaceutical sector <.FTPH> by 45 percent over the past 12 months, were 14.4 percent higher at 293-1/2 pence, valuing the business at about 164 million pounds ($259 million). The news is a rare boost for the European biotech sector, which boasts only a handful of successful drugs against the dozens marketed by U.S. firms, and has been having a torrid time with product set-backs adding to investors' wariness of tech stocks. "We expect today's news to be well received and to provide strong upside in the (OGS) share price," analysts at ABN Amro said in a research note, though they noted Zavesca was only being recommended for mild-to-moderate cases of Gaucher disease, and where existing treatments are unsuitable. U.S. biotech firm Genzyme <GENZ.O> currently sells Cerezyme to treat Gaucher disease, and expects to make $500-600 million of sales from the product this financial year. But Zavesca is expected to be cheaper and easier to administer. Merrill Lynch raised its recommendation on OGS shares to "intermediate buy" from "reduce/sell." LAUNCH NEXT YEAR Ebsworth said he expected OGS to launch Zavesca in Europe early next year. The firm, founded by scientists from Oxford University, also agreed a five-year marketing deal for Swiss biotech firm Actelion <ATLZn.S> to market the drug in Europe. Actelion is one of the few European biotech firms to have a successful product on the market -- its Tracleer treatment for a rare but fatal lung disorder. OGS's Ebsworth said about a quarter of the estimated 20,000 Gaucher sufferers worldwide lived in Europe, and approval there would also boost the chances of Zavesca getting a green light in Israel. Gaucher disease is most common among Ashkenazi Jews. Analysts at UBS Warburg estimate European sales for Zavesca could peak at about 25 million pounds. The majority of Gaucher patients, however, live in the United States, and Ebsworth said he expected to meet the FDA in September or October to discuss new data that had not been seen by U.S. officials when they rejected the product last month. "Now that Europe has looked at, and given a positive recommendation, I would be hopeful that the FDA would be at least prepared to take another look," he told Reuters. Ebsworth said the brighter future for Zavesca, which is OGS's only product close to market, would not stop the firm from looking to bring more products into its portfolio or seeking a merger partner. "That's still very much on the agenda," he said, adding any merger deals were most likely to be in the UK and Europe. ((London Company News Team, +44 20 7542 7954, fax +44 20 7583 3769, mark.potter@reuters.com)) ($1=.6340 Pound) REUTERS * end of story * :