Millennium Presents Positive Data for Velcade

12/11/07

At a conference yesterday, Millennium Pharmaceuticals (NASDAQ: MLNM) presented positive clinical data that could boost the Cambridge, MA-based company’s chances of gaining a broadened approval for cancer-drug Velcade, Millennium’s only marketed product. Velcade’s rival, Celgene’s Revlimid, also did well, but analysts seemed more impressed with Velcade. Shares of Millennium rose yesterday to a high of $16.62, but were trading back down around $15.50 this afternoon.

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