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Biotech / Medical : VD's Model Portfolio & Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: margie who wrote (6432)	2/9/1999 5:32:00 PM
From: Dan O.	Read Replies (1) \| Respond to of 9719

WSJ: "BRISTOL-MYERS SQUIBB said it will stop developing EntreMed's experimental anticancer drug, angiostatin, as part of a restructured collaboration with EntreMed. The drug had received much publicity over early signs that it could shrink tumors in laboratory mice." "Bristol-Myers Squibb Ends Research On EntreMed's Anticancer Drug" By MICHAEL WALDHOLZ Staff Reporter of THE WALL STREET JOURNAL NEW YORK -- Bristol-Myers Squibb Co. said it will stop developing EntreMed Inc.'s experimental anticancer drug, angiostatin, as part of a restructured collaboration with EntreMed. The drug had received much publicity over early signs that it could significantly shrink tumors in laboratory mice. Bristol-Myers said it will retain the rights to develop and market a product based on angiostatin if research by EntreMed shows the agent to be effective in prehuman studies. But the drug maker said it will end most all its own laboratory research into the agent, focusing its basic cancer research efforts on the development of other agents. Angiostatin is a natural human protein that is being studied as a new type of cancer drug that works by cutting off a tumor's blood supply. Angiostatin and a similar agent called endostatin were both discovered by Judah Folkman, a Harvard University researcher, and both were licensed by EntreMed. EntreMed, in turn, has had a co-development agreement with Bristol-Myers under which the large drug maker was conducting efforts to identify the drug's anticancer properties. Under the agreement between EntreMed and Bristol-Myers, EntreMed will now take on responsibility of all pre-clinical research into angiostatin. Both experimental agents received much publicity when Dr. Folkman's laboratory reported that, when combined, the agents were able to significantly shrink tumors in laboratory mice. When news of the agents were reported in the press last May, EntreMed shares jumped to as high as $85 a share. EntreMed shares fell 81.25 cents to $24.50 on the Nasdaq Stock Market Tuesday."