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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly) -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (217)	6/5/1998 1:25:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 1722

Rezulin's Study Exit Seen As No Big Deal For Warner-Lambert June 05, 1998 1:13 PM By Louis Hau NEW YORK (Dow Jones)--Warner-Lambert Co. (WLA) isn't expected to be significantly affected by the National Institutes of Health's decision to drop the company's diabetes drug Rezulin from a study exploring possible preventive therapies for people at risk of developing type 2 diabetes. Wall Street observers noted that analysts' revenue projections for the Morris Plains, N.J., pharmaceutical company don't include potential sales from the use of Rezulin for this indication. Warner-Lambert's NYSE-listed shares were recently trading at 63, for a drop of 1, or 1.6%, on volume of 4.4 million. Average volume is 3.8 million. With Warner-Lambert's shares selling at a multiple of about 44 times 1998 earnings estimates, it isn't surprising that investors would shave off a point from the stock price on the news, said Lisa Tuckerman, a portfolio manager for Spears Benzak Salomon & Farrell. As was reported earlier, NIH decided to discontinue the Rezulin portion of the Diabetes Prevention Program, a nationwide study being run by NIH's National Institute of Diabetes and Digestive and Kidney Diseases. The aim of the program is to determine whether type 2 diabetes can be prevented or delayed in people with impaired glucose intolerance, a condition which sometimes leads to diabetes. Rezulin was dropped from the program after a patient taking the drug suffered liver failure and required a transplant. The patient later died, apparently due to complications unrelated to the study or the medication, according to a Warner-Lambert press release.