New York Area Companies Head to ASCO With High Hopes For Future Cancer Blockbusters
[Corrected 6/3/11, 7 a.m. See below.] This weekend, the pharmaceutical industry will descend on Chicago for the annual meeting of the American Society of Clinical Oncology (ASCO). The show provides an opportunity for drug companies to impress physicians and investors with data on cancer drugs they’re developing, as well as those that are already on the market.
Several companies in and around New York—ranging from famous Big Pharmas to under-the-radar biotechs—are hoping to make a splash at ASCO. Here are some to watch:
Bristol-Myers Squibb (NYSE: BMY)
This stalwart NYC company already won over investors in late March when the FDA approved ipilimumab (Yervoy) to treat metastatic melanoma. Bristol’s stock has jumped nine percent since then, and could see more of a bump from ASCO, where the company plans to present no less than 95 scientific abstracts on both existing and experimental drugs. Among the highlights: further data on ipilimumab in melanoma, Phase 1 and 2 results on elotuzumab for multiple myeloma, and results from studies of cetuximab (Erbitux) in solid tumors of the lung, head, neck, and more.
Celgene (NASDAQ: CELG)
Scientists will present data from nine Celgene drugs at ASCO. The Summit, NJ-based company is perhaps best known for lenalidomide (Revlimid), its $2.5-billion-a-year drug to treat multiple myeloma. But the company will also discuss some experimental compounds, including sotatercept (ACE-11), a human fusion protein designed to treat chemotherapy-induced anemia in some lung cancer patients.
Cyclacel Pharmaceuticals (NASDAQ: CYCC)
This biotech, based in Berkeley Heights, NJ, will present pivotal data on its experimental compound, sapacitabine. The drug was tested in combination with Eisai’s decitabine (Dacogen), to treat a deadly blood cancer called acute myeloid leukemia (AML).
Johnson & Johnson (NYSE: JNJ)
A series of recalls in J&J’s consumer unit drove J&J’s stock below $60 a share earlier this year, but the stock has climbed past $67 in recent weeks thanks to buzz over its new drugs and development pipeline. ASCO is shaping up to be a stage for … Next Page »