Crunch Time For Cortecs

Cortecs announced that it is expecting to receive the data from itsEuropean Phase II/III trial of Macritonin (oral calcitonin) no later than May 2, after the Marketletter went to press. The company issued the statement after being inundated with calls from investors and speculation regarding the outcome of the study.

Cortecs is hoping to show that Macritonin is at least equivalent to the intranasal calcitonin, Novartis' Miacalcic, which is showing a healthy rate of growth, capturing 32% of new prescriptions for post-menopausal osteoporosis since its launch, and is now making sales of around $270 million a year. If the results are positive, Cortecs hopes to file for approval in its first markets in the next 12-18 months. In the USA, a second confirmatory trial will be needed.

Cortecs had initially indicated that the data would be available in April (Marketletter March 31), and this sparked the calls. The firm noted that it had no control over the timing of the receipt of the data, and said the results would be made public as soon as practicable after May 2.