Celltech Refocuses On Lower-Risk Projects
After the recent blow to Celltech of the sepsis drug Norasept(BAYX-1351) failing in the late stages of development and halving the firm's share price (Marketletter May 26 and this issue page 9), the company has said that it is refocusing its pipeline to create significant new value to replace BAYX-1351.
The firm is now focusing on its most advanced drug candidate CMA 676, which it is developing in collaboration with American Home Products for the treatment of myeloid leukemia. A Phase II/III study involving the drug is underway in the USA, and European Phase II studies are expected to start shortly.
Celltech said that although its progress has been delayed, its strategy has been developed to provide it with sufficient reserve financial capacity to replace pipeline value in the event of product failure. The firm plans to expand certain programs in order to increase the flow of new product candidates into development in the near term.
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