Genentech and Xoma presented preliminary results on June 22 from thefirst of two pivotal Phase III trials of Xanelim (efalizumab), the firms' investigational antibody for the treatment of psoriasis, at the 2nd Joint Meeting of the International Psoriasis Symposium and European Congress on Psoriasis in San Francisco, USA. Meanwhile, at the same meeting, Biogen presented data on its rival antibody Amevive (alefacept) which showed that intramuscular administration of the drug is effective, backing up earlier reports of positive results with an intravenous regimen.
Investors hoping for signs of a clear winner in the Amevive versus Xanelim race will have to wait for additional data, but the overall winners will most probably be psoriasis sufferers, who look to be on the brink of benefiting from a new generation of drugs to treat the condition. However, the market's reaction puts Genentech and Xoma out on top, with their share prices up 53 cents to $56.10 and $2.45 to $16.69 (+20%), respectively, while Biogen's stock dropped nearly 5% to $57.00. The latter's decline followed downgrades from Lehman Brothers and Merrill Lynch, which both described the psoriasis trial results as disappointing, although a significant contributor was likely the threat of competition to Biogen's multiple sclerosis drug, Avonex (interferon beta-1a) from Swiss biotechnology firm Serono (see page 19).
Both companies have said they intend to file for approval of their new biologics by the end of this year or early in 2002.
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