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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Flagrante Delictu who wrote (13661)	1/23/1998 12:38:00 PM
From: Henry Niman	Respond to of 32384

Bernie, Thanks for the detailed report. I'll link your comments to the Bear Stearns analysts section at home.att.net Dow Jones also has a fairly detailed report on the University of Illinois study pinpointing a cancereous metabolite derived from Premarin. AHP says the study is "prliminary" as did the authors, but I think that it's clear that all of the major players are looking to SERMs, including AHP, for a wide range of preventive approaches, including osteoporosis. I'll link the discussion of SERMs to the clinical trails page at: home.att.net

To: Flagrante Delictu who wrote (13661)	1/23/1998 12:42:00 PM
From: Henry Niman	Respond to of 32384

Here's what Dow Jones had to say about SERMs: American Home Says Estrogen Study Is 'Preliminary' By Jennifer Fron Mauer NEW YORK (Dow Jones)--American Home Products Corp. (AHP) has not yet had time to review the study released Thursday by the American Chemical Society, according to Audrey Ashby, a company spokeswoman. She said, however that "as stated in the American Chemical Society press release, the results of this study are very preliminary. Earlier Thursday, the American Chemical Society said researchers at the University of Illinois at Chicago found evidence that could help clarify the link between estrogen replacement therapies and breast cancer. The study shows that when one of the compounds produced when the body breaks down American Home Products' Premarin estrogen replacement drug reacts with a primary component of DNA an "unusual and unexpected compound was formed." "It is important to point out that the entire sequence of reactions hypothesized by the author are highly unlikely and are not known to occur in women receiving estrogen replacement therapy," Ashby said. "Consequently the ability to interpret these findings with respect to clinical experience is not yet possible. The majority of epidemiological studies have shown no association between the usual low doses used for estrogen replacement therapy and breast cancer. There is a wealth of science and research spanning 55 years establishing the safety and efficacy profile of Premarin for the treatment of menopausal symptoms and for the prevention and management of osteoporosis." Premarin is made by American Home Products's Wyeth-Ayerst Laboratories, and generates more than $1 billion a year, or 7% of American Home's 1996 revenues. The study will be published Friday in Chemical Research in Toxicology, a journal of the American Chemical Society. Market watchers said that because the study is quite preliminary it is unlikely to have a significant impact on the reputation and sales of Premarin. Alex Zisson, an analyst at Hambrecht & Quist Inc., who hasn't yet seen the study, said it sounds as if the study clarifies the mechanism by which estrogen might cause cancer, rather than alerting patients to a new risk. Steven Weisman, practice director for the U.S. pharmaceutical practice at the Weinberg Group, a scientific consulting firm in Washington, D.C., said the research was far from showing what would occur in a human body. "All kinds of things happen in a test tube that don't happen in the body," he said. Weisman hasn't yet seen the study, either. Premarin is beginning to face competition from a new form of estrogen-replacement therapy. Eli Lilly & Co. (LLY) started selling its Evista drug for the prevention of osteoporosis earlier this month. Evista has shown initial beneficial effects in post menopausal women for a number of other illnesses. These range from heart disease to breast cancer. Moreover, Evista lacks certain unpleasant or dangerous side effects linked to estrogen therapy, such as renewed menstrual bleeding and possible increased risk of uterine and breast cancer. Other major players, including Pfizer Inc. (PFE), Glaxo Wellcome PLC (GLX), Zeneca Group PLC (ZEN), SmithKline Beecham PLC (SBH) and Novo-Nordisk A/S (NVO), all have competing selective estrogen drugs in their pharmaceutical-research pipelines. Merck & Co. (MRK) markets Fosamax, the leading osteoporosis drug on the market. -Jennifer Fron Mauer; 201-938-5287; jennifer-fron.mauer@cor.dowjones.com