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Biotech / Medical : OSI Pharmaceuticals (OSIP) - formerly Oncogene -- Ignore unavailable to you. Want to Upgrade?

To: fred hayes who wrote (212)	4/26/2004 8:22:29 AM
From: Doc Bones	Read Replies (1) \| Respond to of 447

08:09 OSIP OSI Pharma Secondary Plays (38.14 ) -- Update -- Look for shares of companies with similar drug candidates/drugs to move in sympathy with OSIP this morning. Possible candidates include Imclone (IMCL) with Erbitux in NSCLC and Agenix (ABGX) with ABX-EGF in NSCLC. Shares of partner Genentech (DNA), already trading up 9%. * 08:00 OSIP OSI Pharma trades up 83% in pre-market to $70 on Tarceva results; DNA lifts 5% on the news (38.14 ) -- Update -- * 07:30 OSIP OSI Pharma: Color on Tarceva study (38.14 ) -- Update -- BofA out commenting on OSI Pharma's Tarceva results saying they achieved the primary endpoint in the Phase III BR.21 trial by increasing overall survival by at least 33% relative to placebo in relapsed lung cancer patients. The trial also met secondary endpoints including improving time to symptomatic deterioration, progression- free survival and response rate. Given the magnitude of these results and Tarceva's Fast Track status at the FDA, they believe the drug could be approved and commercialized by YE04 or early 1Q05. Firms sees sales reaching $1 bln by FY09. They believe OSIP will experience a DNA/Avastin-like move and trade into the $60-$70 share range in the near-term. Further, they expect shares to continue to appreciate going into the upcoming ASCO meeting where the full results will be released. *** 07:14 OSIP OSI Pharma: Tarceva study meets primary and secondary endpoints (38.14 ) Co, Genentech (DNA) and Roche announce a Phase III study of Tarceva, an investigational HER1/EGFR-inhibitor agent in previously treated patients with non-small cell lung cancer (NSCLC), met its primary endpoint of improving overall survival, with patients receiving Tarceva living longer than those in the placebo arm of the study. The trial also met secondary endpoints including improving time to symptomatic deterioration, progression-free survival and response rate. (Briefing.com note: Look for OSIP shares to gap up aggressively on these solid results). Price moves predicted are uncertain. Use a grain of salt with these. - Doc