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Color from the 40th annual ASCO meeting

As usual, there were a few surprises from companies presenting at the ASCO meeting: Smith  Barney out noting EGFr inhibitors stole the show with promising early data of combo targeted therapies. DNA/OSIP's Tarceva demonstrated a 42.5% clinically meaningful survival benefit representing +2 months with response noted across all  patient subgroups unlike Iressa. For Erbitux, significant positive data in head and neck cancer were highlighted with supportive data for frontline use in CRC & in lung cancer. Specifically, in head and neck cancer, the results indicated that patients treated with Erbitux and radiation  therapy achieved a median survival that was nearly twice as long as those receiving radiation alone. In fact, the data were so good, stock has received an upgrade this morning (see 06:34 comment)... Also, several firms out positive on MLNM with UBS saying the APEX Ph III trial comparing Velcade alone to high-dose dexamethasone in 2nd-line multiple myeloma showed significant survival advantage, potentially expanding its utility into 50% of the MM market rather than the current 25%. Goldman also out saying they expect the growth rate of Velcade to re-accelerate in H2/04  with increased off-label use in second line therapy (vs current third or fourth line). The largest surprise from MLMN probably came in advanced non-small cell lung cancer (NSCLC) where Velcade showed 10% response rate as monotherapy and a 15% response rate with combination of  Velcade and Taxotere. The Street had previously been rather skeptic regarding Velcade in solid  tumors... On a somewhat negative note, some market participants seem to be questioning the Phase II  trial design of BAY/ONXX's BAY 46-9006 in advanced renal cell carcinoma (RCC), or kidney cancer.  Also, the emergence of PFE with its SU11248 in the same indication is likely spark some debate.  The question here doesn't seem to be whether BAY 46-9006 is an active drug or not, but when the co's are going to get it approved.  Smith Barney out saying that although it had been widely speculated that Bayer/ONXX may submit a regulatory filing based on this data, they believe it is likely that data from an ongoing large pivotal Phase III study targeted to enroll approx 800 patients will be necessary for such a filing. (Briefing.com Note: As an almost too perfect coincidence, The New York Times is out with a positive story on ONXX and BAY 43-9006 this morning).