Forum Archive Index - February 2001

["Ben Dutton" <bendutton@sharechat.co.nz>]

>From Bloomberg.com

02/15 11:55
Corixa Shares Drop as Psoriasis Drug Falls Short in Study
By Angela Zimm


Seattle, Feb. 15 (Bloomberg) -- Corixa Corp. shares fell as much as 27
percent after a study of its experimental psoriasis drug failed to show
significant benefit, and an analyst downgraded the stock.

Shares of Seattle-based Corixa fell $5.38 to $19.44 in late morning trading.

In a 241-patient study designed to assess safety and determine an optimal
dose, the drug, called PVAC, showed some effectiveness, the company said.
The benefit didn't meet the standard of statistical significance, though.

Peter Drake, an analyst with Prudential Securities, downgraded Corixa to a
``hold'' from a ``strong buy'' because of the study results, and uncertainty
surrounding approval of the company's cancer drug, Bexxar.

`We believe the addition of last night's less than hoped for (psoriasis
drug) clinical data and the continued Bexxar uncertainty warrant a less
aggressive posture,'' wrote Drake in a note to clients.

The study failed to achieve its goal of showing a statistically significant
reduction of at least 50 percent in the severity of psoriasis in patients
treated with PVAC, the company said.

Steven Gillis, Corixa's chairman and chief executive, said the company is
considering a new study to test the drug on patients beyond the 12 weeks of
the original study. Gillis said the study showed the patients' level of
improvement increased over time.

``Our first step will be to meet with the U.S. Food and Drug Administration
to propose another study,'' Gillis said.



Ben Dutton
(Disc. do not hold GEN)


----- Original Message -----
From: "hugh webber" <hugh.webber@clear.net.nz>
To: <sharechat@sharechat.co.nz>
Sent: Friday, February 16, 2001 6:30 AM
Subject: Re: [sharechat] Genesis


> you won't now, mate, its failed. See Bloomberg this morning.
>
> ----------
> > From: Derek <dkw@paradise.net.nz>
> > To: sharechat@sharechat.co.nz
> > Subject: [sharechat] Genesis
> > Date: Thursday, 15 February 2001 19:48
> >
> > Did the market really only give a 3% discount to the GEN share price for
> > uncertainty over clinical trials of their psoriasis treatment.
> >
> > This seems remarkably low and is difficult to understand.
> >
> > Would I pay 3% more for a Biotech company after much of the uncertainty
> > over clinical trials of one of their main products has been removed.
> >
> > You bet.
> >
> > Derek
> >
> >
> >
> >
> >
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