Seattle Genetics climbs after its lymphoma drug brentuximab meets goal in late-stage studyBy AP
Monday, September 27, 2010
Seattle Genetics cancer drug meets study goal
NEW YORK — Shares of Seattle Genetics Inc. surged Monday after the biotechnology company said its cancer drug candidate brentuximab met key goals in a late-stage clinical study.
THE SPARK: The Bothell, Wash., company is testing brentuximab, or SGN-35, as a potential treatment for Hodgkin’s lymphoma that has recurred or not responded to stem cell treatment. The study of 102 patients showed 75 percent had an objective response to the drug, meaning their tumors shrank. The companies said the median response lasted more than six months.
Full results from the study will be presented at an upcoming scientific meeting.
THE BIG PICTURE: Seattle Genetics and Takeda Pharmaceutical Co.’s Millennium unit plan to file for marketing approval of brentuximab in the U.S. in the first half of 2011. They also plan to file for approval in the European Union in 2011. The companies are testing the drug as a treatment for other forms of lymphoma and other stages of the disease as well.
Seattle Genetics has the right to sell brentuximab in the U.S. and Canada, and Millennium owns the marketing rights in all other countries.
SHARE ACTION: Seattle Genetics stock rose $2.14, or 17.6 percent, to close at $14.30. Earlier the stock set an all-time high of $15.08, up 24 percent. The shares had previously traded between $8.26 and $14.39 over the last year.
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