Cancer Meeting Starts Two Weeks Early With Data Deluge Thursday
May 13 2009 - 2:38PM
Dow Jones News
Summaries of more than 4,000 cancer studies - including several
notable ones - will be released Thursday evening, two weeks before
a key, closely watched medical conference begins.
While the biggest news regarding cancer research likely will be
saved for the annual meeting of the American Society of Clinical
Oncology, beginning May 29 in Orlando, Fla., Thursday's release
includes much-anticipated updates from companies like Roche Holding
AG's (RHHBY) Genentech unit, OSI Pharmaceuticals Inc. (OSIP) and
Exelixis Inc. (EXEL)
This is the second year that ASCO has released such data two
weeks before the actual meeting in order to avoid the previously
famous "ASCO Effect," in which leaked information from embargoed
studies caused stocks to move before the actual meeting.
The data coming Thursday are likely to be incremental and could
be subject to misinterpretation because the information will be in
abstract form, or a condensed summary, which could be incomplete
until the full data is presented at the meeting.
Nonetheless, Wall Street will scrutinize the findings,
especially those on Tarceva's use in lung cancer as a maintenance
therapy - when it is given after chemotherapy, but prior to new
tumor growth
Observers will be looking for Tarceva to show progression-free
survival exceeding the two months already seen in Eli Lilly &
Co.'s (LLY) Alimta.
If its effectiveness is more robust, OSI's stock could jump,
notes Barclays Capital analyst Jim Birchenough. He warns that any
stock gains could be short-lived as investors will quickly shift
attention to overall survival data from the study coming later this
year.
"If you are just delaying the progression of cancer but patients
aren't living any longer, it doesn't really become an impetus for
changing physician behavior," Birchenough said.
Tarceva, sold by OSI Pharmaceuticals and Genentech, is currently
approved for use as later treatment in advanced lung cancer
patients who have progressed after at least one prior chemotherapy
regimen. Another study examining Tarceva use with Avastin in
advanced lung cancer will also be presented at the meeting.
Some insight into Tarceva's potential could come at the meeting,
when overall survival data on Lilly's Alimta as a maintenance
therapy in lung cancer is presented.
As usual, Genentech/Roche will be presenting a plethora of data
at the meeting, with more than 500 studies covering 20 different
kind of tumors. The most closely watched of those, Avastin's use in
preventing a relapse following surgery in colorectal cancer, won't
be available Thursday but will come at the meeting.
Among the flood of data expected Thursday is the so-called Phase
III RIBBON-1 trial of Avastin's use in advanced breast cancer. The
study was presented to the Food and Drug Administration to support
full approval in the indication after the agency granted
accelerated approval last year.
Other notables possibly coming Thursday include early Phase II
data on Exelixis Inc.'s (EXEL) XL184 in treating progressive or
recurrent glioblastoma multiforme, a form of brain cancer, in the
first or second relapse. Bristol-Myers Squibb Co. (BMY) signed a
co-development pact for the drug late last year.
Cougar Biotechnology Inc. (CGRB) may offer mid-stage data on
Abiraterone in treating prostate cancer. While the data are much
anticipated, Rodman & Renshaw analyst Simos Simeonidis doesn't
expect the stock to move more than 10% in either direction unless
there is a major negative surprise
Also on the earlier side of development, Arqule Inc. (ARQL) may
have interim data from a mid-stage trial of ARQ-197 in
Microphthalmia Transcription Factor tumors - a group of cancers
that tend to effect young adults. Last year, Arqule partnered with
Japan's Daiichi Sankyo Co. (4568.TO) on the drug.
-Thomas Gryta; Dow Jones Newswires; 201-938-2053;
thomas.gryta@dowjones.com