11/06 19:57 FOCUS-Pfizer unveils raft of early stage Rx drugs
(Adds details, background, analyst comment, byline) By Ransdell Pierson
NEW YORK, Nov 6 (Reuters) - Pfizer Inc. <PFE.N> on Friday disclosed a
plethora of early-stage experimental drugs that the company said it hopes will
make it the world's premiere pharmaceutical company by the next decade.
Pfizer said that although the fate of such early-stage drugs was always uncertain,
they held promise against such key therapeutic areas as cancer, osteoporosis,
diabetes and strokes. Company Chief Executive William Steere said eight
products farther along in the drug pipeline could potentially be launched in the
next three years.
"Our product portfolio is young, strong and growing," he said, noting the New
York-based company had launched six new prescription drugs in the past six
years.
In a meeting with Wall Street analysts, Pfizer officials said sales of its
anti-impotence blockbuster Viagra had "plateaued" in the United States after
the drug's spectacular April launch, but remained strong.
They also disclosed that priapism -- or persistent erection -- had been seen in
small number of Viagra patients and that a warning about that possible risk will
be added to the pill's package insert.
The company reaffirmed it felt confident of delivering 1998 diluted per share
earnings of $1.95 to $2, excluding nonrecurring items -- 22 percent higher than
1997 results.
Pfizer said several of its most promising early-stage compounds were cancer
drugs being developed in collaboration with OSI Pharmaceuticals Inc.
<OSIP.O>, whose stock soared $1.62 to $5.12 Friday following the
presentation.
Pfizer rose $2.06 to $109.31.
David Shedlarz, Pfizer's chief financial officer, said the company was now the
world's third-largest in prescription drug sales, having leapfrogged from ninth
place at the start of the decade.
He said Pfizer was intent on becoming the largest player "early in the next
decade" through sales of existing newer drugs and a raft of promising new
compounds.
George Milne, president of research, said several of the cancer drugs are
anti-angiogenesis compounds, meaning they prevent formation of blood vessels
needed by tumors to obtain nutrients.
Milne said one, CP-471,358, inhibits the enzyme metalloproteinase, while
another drug tentatively named CS-564,959, blocks the tyrosine kinase
enzyme. The target enzymes, tested in mice, work together to initiate growth of
blood vessels.
Another anti-cancer drug, CP-358,774, is in Phase II trials against solid tumors
and appeared to be more potent in experimental animals than some standard
chemotherapy agents, Milne said. It blocks epidermal growth factor receptors
that are overabundant on cancer cells.
"In blocking these receptors, we believe we can prevent the rapid and
ungoverned growth of cancer cells," he said.
A compound now in preclinical studies, CP-609,754, has reduced size of
tumors in mice for long periods by blocking the Ras oncogene and a related
enzyme called farnesyl transferase, Pfizer said, adding Phase I studies are
planned.
The company said it was also nearing the end of Phase II trials on the drug
Ezlopitant to reduce nausea and other side effects from chemotherapy.
Milne said Pfizer was researching three promising obesity compounds, including
an appetite suppressant, CP-644,673, derived from a South African plant. It is
currently in Phase I trials.
Pfizer said it was also researching CP-424,391, which prods the body to
produce the growth hormone IGF-I, a possible means of increasing bone and
muscle mass in the elderly.
For treating post-menopausal women, Milne said Pfizer had two so-called
Selective Estrogen Receptor Modulators (SERMs) in late Phase II trials -
Droloxifene and CP-336,156.
The SERM class of drugs, which includes Eli Lilly and Co's <LLY.N> Evista,
prevent osteoporosis and have been shown to reduce blood cholesterol levels
and prevent breast cancer.
Hambrecht & Quist analyst Corey Davis said he was surprised Pfizer gave such
a detailed view of its early-stage lineup.
"It looks like Pfizer is determined to broaden its reputation to show that they are
not just a Viagra company. Cancer in general is becoming one of the very
hottest therapeutic areas and Pfizer wanted to show they'll be a major player,"
Davis said.
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