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Biotech / Medical : MGI Pharma MOGN New patents, anti cancer -- Ignore unavailable to you. Want to Upgrade?

To: seminole who wrote (1071)	7/16/1998 7:47:00 AM
From: Neil S	Read Replies (1) \| Respond to of 1826

Reuters picked up the story last evening: biz.yahoo.com Wednesday July 15, 8:30 pm Eastern Time MGI says Salagen sales drive Q2 revenues MINNEAPOLIS, July 15 (Reuters) - MGI Pharma Inc. said Wednesday that second quarter sales climbed 63 percent, due largely to higher sales of Salagen tablets that are used to treat dry mouth caused by Sjogren's syndrome. ''The primary catalyst for the increase in product sales was a surge in U.S. sales of Salagen Tablets to $3.0 million in the 1998 second quarter, compared to $1.9 million in the 1997 second quarter and $2.5 million in the 1998 first quarter,'' MGI Pharma said in a statement. Total sales were $3.26 million in the quarter, up from $2.00 million a year ago. MGI posted break-even earnings per share, up from a year ago when it lost $0.06 a share. The pharmaceutical company said it was optimistic about the potential of its antitumor compound, which continued Phase I testing during the second quarter. ''We....observed additional evidence of antitumor activity in some patients, leading us to remain very optimistic about the potential of this compound,'' said Charles Blitzer, president and chief executive officer. ''We are moving to complete our initial Phase I study, where we will add more patients at lower doses to collect additional tolerance-related data.'' MGI said Phase II trials are expected to begin later this year and continue into 1999. Shares of MGI were up 5/16 at 8-5/16.