| Phase 3 Cancer Biotechs - Small/Medium Cap | ||||||||||||||||||
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| SYMBOL | COMPANY | CAP (MIL) | FLOAT (MIL) | PRICE (3/9/2000) | 52-LOW | 52-HIGH | AV VOL (1000) | TECH | CORP ALLIANCES | P 3 START | P3 TIMEFRAME | PRODUCT | CANCER TYPE | MARKET SIZE (MIL) | TIME TO MARKET | PIPELINE | ||
| APHT | Aphton | 563.7 | 8.7 | 37 | 9 13/16 | 22 | 32 | Growth Factor, Pseudo-Vaccine | Pasteur Merieux, Smithkline Beecham | 6/96, 11/98 | ??? | Gastrimune | Stomach (also Pancreatic, Colorectal, Liver, Escophical) | 50+ | ??? | (2) P1 | ||
| AVXT | Avax Tech | 235.9 | 10.6 | 14 5/8 | 2 5/8 | 10 3/4 | 140.9 | Vaccine | Neptunus | 10/97 | ??? | M-Vax | Melanoma (also, Ovarian) | 100+ | 2001 | (1) P2 | ||
| BIOM | Biomira | 655.4 | 41.8 | 14 3/4 | 2 3/8 | 7 | 400.5 | Vaccine | Biovector | 11/98 | 1st data set 2000 | Theratope | Metastatic Breast (also Colotectal, Ovarian) | 150-500 | late-2000 - early-2001 | (2) P1 | ||
| CLPA | Cell Pathways | 1,157 | 16.2 | 44 5/16 | 6 1/4 | 29 1/8 | 503 | Synthetic (apoptiosis) | Rhone-Poulenc Rorer | 1997 | NDA filed, decision imminent (1/2000) | Aptosyn | FAP, colonic, prostrate, others | 20 - 250 | early 2000 | (1) P1 | ||
| ENZN | Enzon | 2,524 | 30 | 66 1/2 | 11 1/4 | 50 | 406.3 | Interferon | Rhone Paulinc Rohr, Shering, Eli Lilly, Bristol Meyers | 1998 | ??? | PEG-Alpha Interferon | Melanoma, Leukemia | 500+ | ??? | (1) P1 | ||
| ILXO | Ilex Oncology | 1,020 | 14.6 | 48 7/8 | 7 1/4 | 29 1/2 | 279 | Synthetic, Pseudo-Vaccine | Millenium & Shering AG | 1999 (DFMO), 1998 (CAMPATH) | 1st data set early 2000 (DFMO), 1999 (CAMPATH) | DFMO, CAMPATH | Leukemia (CAMPATH),Bladder (DFMO) | 250+ | Late 2000 (DFMO), Filed BLA 12/23/99 (CAMPATH) | (2) P1 | ||
| IMCL | Imclone | 3,831 | 23 | 135 | 10 1/4 | 43 3/4 | 336 | Vaccine | Merck KgaA | C225 (99), BEC-2 (98) | 200-2001 | C225 & BEC-2 | Head/Neck (C225), Small Cell Lung (BEC-2) - also Breast, Bladder, Melanoma | 250+ | 200-2001 | (2) P1 | ||
| LGND | Ligand Pharm | 978 | 39.1 | 20 1/2 | 6 7/16 | 15 5/8 | 422 | Synthetic | Algaren, AHP, Chiron, Ferrer | 1996 | 1999 | Targretin | Lung, Head+Neck (Oral), and Lymphomas (Gel) | 150+ | 2000 | (3) P2 (many non-cancer drugx as well) | ||
| MMP | Maxim Pharm | 1,434 | 14 | 72 5/8 | 7 15/16 | 20 5/8 | 46 | IL-2/Interferon | Faulding | 11/97 | 2000-2001 | Maximine | Melanoma, Leukemia | 150+ | NDA expected mid-2000 | all pre-clinical | ||
| NBIX | Neurocrine Biosciences | 820.5 | 10.1 | 43 | 3 3/4 | 30 | 407 | Synthetic | Medtronic | expected first half 2000 | ??? | NBI-3001 | Mailignant Brain Tumors | 50+ | ??? | diverse non-cancer | ||
| NPRO | Napro Biotherapeutics | 197.7 | 20.4 | 8 5/8 | 1 3/8 | 4 7/32 | 115.4 | Synthetic | IVAX / BMS / Abbott | 1996 | 1999 | Paxene | AIDS related Sarcoma (also Breast) | 50-150+ | 1999-2000 (FDA filed) | none | ||
| PCYC | Pharmacyclics | 1,049 | 10.6 | 69 3/8 | 13 1/4 | 49 | 216 | Synthetic / Radiation Enhancer | - | 1998 | 2000-2001 | XCYTRINE | Brain Cancer Mestasteses | 200+ | 2001 | (2) P1, (1) P2 | ||
| PGNX | Progenics | 902.4 | 6.8 | 78 | 10 5/8 | 59 3/4 | 125 | Vaccine | Bristol Meyers, Hoffmann La Roche | 1996 | late 2000 | GMK | Melanoma | 100+ | 2001 | (1) P2 (Also, HIV vaccines in P1 and P2) | ||
| SUPG | Supergen | 1,653 | 14.5 | 66 1/4 | 8 7/32 | 34 15/16 | 369.7 | Synthetic | Lilly / WLA / Abbott | 1998 | 1999 | Nipent, Rubitecan | Lymphoma (Nipent), Pancreatic (Rubitecan) - also colorectal, ovarian, breast, melanoma | 250++ | Nipent approval for some indiations 1999, others 1999-2000 | others non-cancer | ||
| TCLN | Techniclone | 969.5 | 68.2 | 11 15/16 | 1/4 | 2 | 1.8 | Pseudo-Vaccine | Shering | 1997 | ??? | Oncolym | non-Hodgkin's B-cell lymphoma | 300+ | 2000-2001+ | (1) P1 | ||
| VION | Vion Pharma | 489.9 | 12.8 | 26 7/8 | 3 15/16 | 8 1/2 | 238 | Radiation Enhancer | Boehringer | 1997 | ??? | Promycin | Head & Neck | 150+ | ??? | (2) P1 | ||
| NOTES: | ||||||||||||||||||
| TECHNOLOGIES: | Vaccine: A true therapeutic immunological vaccine that uses the body's own antibodies to specifically attack cancer cells. These vaccines have "memory" - they continue to have an effect even after treatment is discontinued. All true vaccines have the potential to act as preventatives as well, although none are being tested for that purpose (testing time would be much much greater, so will likely occur later). Most vaccines target an antigen common to multiple forms of cancer, so are often theoretically effective on 50-90% of all cancers. Downside is that antibodies have a tough time with large existing tumors. | |||||||||||||||||
| Pseudo-Vaccine: works like a vaccine in the sense that it uses antibodies to fight the cancer cells. However, these anitbodies are synthetically produced outside of the body and introduced into the patient to fight cancer cells. As such, there is no immunilogical "memory" as is associated with true vaccines. Monoclonal antibody treatments (such as Herceptin) fall into this category. | ||||||||||||||||||
| Synthetic: A syntehesized molecule designed to mimic a naturally occuring molecule associated with one factor of cancer development, such as targeting tumor growth or blood vessel formation (such as anti-angiogenesis). Unlike chemo, these are substances designed to specifically target cancer cells only. | ||||||||||||||||||
| IL-2 / Interferon: IL-2 (Interleukin) and Interferon are both synthesized immunilogical "enhancers". Used in conjuntion with vaccines, chemo, and other treatments, these drugs boost the body's own ability to fight off cancerous cells | ||||||||||||||||||
| Radiation Enhancer: Drugs designed to significantly increase the effectiveness and focus of common radiation therapy. This allows for decreased overall readiation exposure, while increase the treatments effectiveness in destroying tumors. | ||||||||||||||||||
| APHT | Morgan Stanley Dean Witter's report has a target price of $25. Gastrimune is in P3 for stomach, but is about to start P3 for colorectal, pancreatic, liver, and esophagal cancer as well. In the pipe is GNRH, being developed with Smithkline, for breast and prostrate cancers. Strong corp alliances, which could account for a lack of specific timeframes on these drugs (large corps are tight lipped). Also note that the cancer types targeted here are, for the most part, not being targeted by competing companies. Specifically, none of the companies on this list are targeting stomach, esophigal, or liver cancers - even if you look further down the pipe. | |||||||||||||||||
| AVXT | Very promising vaccines, with a good chance of approval. Main problem is that these are "individually targeted" (ie, autologous) vaccines created by using a patient's own tumor cells. Company plans on setting up special vaccine clinics throughout the country to produce these vaccines. Hugely expensive. I don't see why insurance companies would pay for this given less expensive and just as effective treatments. I include it here because the technology is of value, they have made it to final testing, and given the low market cap, this could be a buyout target. Signed agreement 12/1/99 to market vaccine in Austrailia and New Zealand. | |||||||||||||||||
| BIOM | One disadvantage of BIOM is that it is a Canadian based company and doesn't garner the high levels of media attention its American counterparts achieve, such as IMCL. Biomira is greatly respected in the scientific community as a leader in vaccine research. At this year's ASCO, Theratope was shown to double life expectancy used in conjunction with stem-cell therapy. A major deal with France's Biovector occured recently as well. Bad News - Chiron is no longer their partner. Good News - they are in talks with at least 2 potential new partners. Biomira also re-purchased all their rights to Theratope. | |||||||||||||||||
| CLPA | CLPA has had a very rough ride. NDA for Aptosyn was expected to be filed early 1999, but an error in the trial design delayed the filing until later in the year - price went from $29 to $8. The data, however, looks good, and the NDA was filed. FDA decision expected Jan 2000 - aproval is most likely. Approval will be for FAP, a very rare colonic polyp disorder often leading to removal of colon and/or intestine, as well as colonic cancers. The real potential in the short term, however, is for "off label" market for prostrate cancer. Aptosyn is currently in trials for prostrate, breast, lung, and other cancers. Aptosyn uses a unique science known as apoptiosis (ie, "programmed cell death"), that targets precancerous and cancerous tumor cells. | |||||||||||||||||
| ENZN | Enzon broke 1 billion market cap on only 13 million revs. The only recent news is a revisition in their agreement with Schering-Plough on 6/28. This biotech doesn't even have an SI thread. A quote from a 4/29/99 president's report: "Enzon has one of the strongest pipelines in the biotech industry. We have accomplished this through our many strategic alliances which has minimized Enzon's financial risk, increased the availability of resources, and resulted in a full product pipeline which includes several late stage high potential candidates. Enzon now has over 20 strategic alliances. In fact, we conservatively estimate that our strategic partners are spending $30-60 million per year developing products which utilize Enzon's technology." also: "Enzon is entitled to receive a royalty on sales and has the exclusive right to do the PEG manufacturing for Schering in the U.S. A conversion of Schering's existing $700 million in annual sales of Intron-A represents substantial upside potential income for Enzon." | |||||||||||||||||
| ILXO | Campath, which could of applied for approval this year, appears to be undergoing a "front line" test. Campath has already been fast-tracked and received orphan status. FDA could grant limited use at any time as it is under "rolling" review (refer to http://www.ilexoncology.com/news/pr/index.phtml?pr_id=53). ILXO is partnered with LKST for this project, and both stocks could do very well when approval is granted. Not a cure, but a beneficial treatment that at least stabilized the cancer 59% of the time. A very promising drug for the most common variety of adult leukemia, although it also demonstrated some high toxicity. Filed for 3.5 million share secondary 9/24/99, taking it well off it's highs. Filed BLA for CAMPATH 12/23/1999, FDA decision by June 2000. ILEX is also a consultant for other biotechs involved in clinical trials. | |||||||||||||||||
| IMCL | Probably the most intriguing aspect of Imclone is the diverse product pipeline which includes Vaccines, Anti-angiogenesis, and Growth factor drugs. A recent Individual Investor analyst gave IMCL a projected 1-2 year price of around $150 based on it's potential pipeline. While C225 or BEC-2 are not "cures", they have been show to be highly effacacious. Most important, however, is the widespread testing at some of the most respected insitutes in the country. This, I believe, is fueling the recent wallstreet fervor for this stock. IMCL had almost reached it's 12-month broker targets for the year, although its unlikely we'll hear anything decisive for another year or so. Filed for 2.5 million share secondary 9/22/99, followed by several downgrades, taking it well off it's highs, but now back on uptrend. Mor milestone payments by Merck KGaA expected in 2000. | |||||||||||||||||
| LGND | Ligand has a diverse product pipeline and many corporate aliances. Probably the #1 most mentioned biotech in this list as a potential buyout candidate. Has several products on the market. Was expected to be profitable late 1999, now pushed back to 2000, sending the stock price down. | |||||||||||||||||
| MMP | Maximine is also in Phase 2 for Hepetitis C. Stock was halted 7/9 on an order imbalance, although the price didn't move very much. Market approval has been filed in Europe already for Hepititis, and P3 enrollment was completed in the US for it's application for Melanoma in Feb of this year. A quote from a recent PR: "The DSMB also concluded that the trial had the opportunity to meet its principal endpoints and should continue under its approved protocol. The Company expects to complete the study in the first half of the year 2000, and currently plans to launch the drug in the U.S. by early 2001 and later in 2001 in a number of countries outside the U.S. " Although it's had excellent news, along with a "strong buy" upgrade from Dirks in June, the stock has languished between 9-11. MMP was a $20 stock only a year ago. Completed private placement of stock for addtional financing 9/6/99. 11/17/1999 - MMP got prelim results for Maximine P3 study, and they were very positive. P3 expected to conclude early | |||||||||||||||||
| NBIX | Neurocrine specializes in treatments for neurological disorders of all kinds, and appears on this list due to the advancement of NBI-3001 for brain cancer. NBIX has an extremely diverse and rich pipeline, and was recently upgraded by analysts with a $40 target (mostly for diabetes treatments). Diseases they are targeting include anxiety, alzheimers, insomnia, stroke, MS, diabetes, and cancer. | |||||||||||||||||
| NPRO | Obscure and cheap (the lowest market cap of the group, in fact). Lots of rumors of buyouts, especially by one of it's corp partners, Bristol Meyers Squib. FDA filing for Paxene could come as early as this year. Main problems seem to be associated with various licensing deals, which everyone has been waiting to hear about for months. Concensus is that if they can resolve these issues, and file this year, stock should trade in a 4-10 range. (I'd like to pick up some shares around 1 1/2). Update 7/26 - signs marketing deal with Abbott for Paxene (paclitaxel) . NPRO has alnguished on lack of news and lack of paxene clinical advancement. Company is running short of money, but may be a good Abbott buyout candidate. | |||||||||||||||||
| PCYC | Company takes an entirely novel approach to cancer, creating a molecule that attaches to the tumor, and focuses the radiation without damaging surrounding tissue. While not as sexy as other approaches (most of which strive to eliminate radiation therapy altogether), this is practical given that 50% of all cancer patients will recieve some form of radiation therapy. That adds up to 750,000 new patients annually, plus another 150,000 a year in re-occuring cancer patients, and this is for the US alone. Huge market. 11/1/1999 prelim results for P3 Xcytrin for brain cancers was very positive. | |||||||||||||||||
| PGNX | Progenics just completed full enrollment for their GMK cancer vaccine triggering a milestone payment from Bristol Meyers Squib. Their second cancer vaccine, MGV, is potentially useful in a large number of malignant diseases, including colorectal and gastric cancer, small-cell lung cancer, lymphoma, sarcoma and neuroblastoma. PGNX is also collaberating with Hoffmann La Roche on two potential HIV vaccines, in early human trials - also looking very good. PGNX was recently upgraded to a $45 target from a $35 target. After hitting a high of over $30/share, PGNX fell back to earth on news of a seconday stock offer. After hitting a low of under $16, PGNX appears to be back on track, rising over 30% in the last few weeks. PGNX annual report says P3 results will be known mid 2000 or as late as mid 2001. | |||||||||||||||||
| SUPG | A very promising biotech that always seems to get a big thumbs up from people in the industry. Nipent has already been approved for some applications, which greatly increase it's chances of success for new applications. Company may even turn a profit soon. The #2 most mentioned buyout candidate. Nice chart action over the last few months - several breakouts. 12/23/1999 - SUPG buys 7.5% of AVII. 1/6/2000 - Abbott gets option to buy 49% of SUPG at $85/share. | |||||||||||||||||
| TCLN | Very little news on their P3 candidate, Oncolym, recently, but interesting news on Cotara, their P1 drug for brain cancer. Stock has languished between 1-2 for over a year. Perhaps due to financial problems, TCLN has sold much of it's rights to Oncolym to Shering AG. President states: "While OncolymŽ will be a significant opportunity for Techniclone (the U.S. market size is estimated to be $300 million annually), it represents a relatively smaller opportunity for the Company compared to the solid tumor markets for our "collateral targeting technologies" Shering will also take over 80% of the costs of continued trial for Onocym, paying over $20 million to TCLN (sometime in the future), plus royalties. Further details not available. Announced 10/19/99 that due to financial consierations, cutting workforce by 50%, but will continue clinical trials. All costs for Oncolym will be covered by Schering AG. Stock price has plumetted. Someone needs to buy this little bio....and soon. 1/11/2000 - Loan defau | |||||||||||||||||
| VION | Vion has exclusive marketing rights to Promycin in north america, and a very strong licensing arangement with Boehringer Ingelheim International for international rights (including minimum royalty paytments). Vion is most known for their Tapet technology, which uses genetically altered bacteria to transmit specific substances directly into solid tumors. While still pre-clinical, its exciting technology that could produce newsworthy events. VNP20009, its first Tapet product, just got approval (10/11/99) for its first clinical trial. 11/18/1999 - pre-clinical mouse study showed complete tumor regression. 12/8/1999 - Tapet begins P1 human trials. | |||||||||||||||||
| SPECIAL NOTES 3/10/200 UPDATE: Eliminated CASH column (with all the new secondaries and changing burn rates, these numbers are too dynamic to be accurate) | ||||||||||||||||||
| SPECIAL NOTE 1/11/200 UPDATE: | ||||||||||||||||||
| NBIX and CLPA added to list | ||||||||||||||||||
| SPECIAL NOTES 10/23/99 UPDATE: | ||||||||||||||||||
| AVII (Avi Pharma) - was removed from the biotech list since they have not as yet progressed to final phase 3. Should they announce phase 3 start, I'll add them back. | ||||||||||||||||||
| LKST (Leukosite) - was removed because they were bought out by MLMN | ||||||||||||||||||
| Added CASH Column; Deleted #Press Releases column | ||||||||||||||||||
| RELATIVE PERFORMANCE SINCE LAST UPDATE (1/11/2000-3/9/2000) | ||||||||||||||||||
| 3/9/00 | 1/11/00 | 10/22/99 | 6/27/99 | $Change | %Change | 2000 EPS Est. | 2000 EPS Growth Est | Revised since last | ||||||||||
| APHT | 37 | 20 1/2 | 12 3/4 | 14 1/4 | +16 1/2 | +80.49% | -0.69 | -20.0% | raised | |||||||||
| AVXT | 14 5/8 | 9 3/4 | 2 7/8 | 4 3/16 | +4 7/8 | +50.00% | n/a | n/a | ||||||||||
| BIOM | 14 3/4 | 6 1/2 | 2 5/8 | 3 5/8 | +8 1/4 | +126.92% | n/a | n/a | ||||||||||
| CLPA * | 44 5/16 | 16 11/16 | 8 | n/a | +27 5/8 | +165.54% | -1.09 | +82.6% | raised++ | |||||||||
| ENZN | 66 1/2 | 49 7/8 | 27 1/4 | 16 13/16 | +16 5/8 | +33.33% | -0.15 | +259.0% | lowered -- | |||||||||
| ILXO | 48 7/8 | 24 1/4 | 15 | 10 1/6 | +24 5/8 | +101.55% | -0.68 | +104.0% | raised | |||||||||
| IMCL | 135 | 42 7/8 | 26 11/16 | 21 7/8 | +92 1/8 | +214.87% | -1.13 | +200.0% | raised | |||||||||
| LGND | 20 1/2 | 15 5/8 | 7 13/16 | 10 7/8 | +4 7/8 | +31.20% | -1.38 | +69.0% | lowered- | |||||||||
| MMP | 72 5/8 | 20 1/2 | 8 3/16 | 10 1/2 | +52 1/8 | +254.27% | -2.59 | +57.0% | lowered | |||||||||
| NBIX * | 43 | 30 | 14 13/16 | n/a | +13 | +43.33% | -0.63 | -6.7% | lowered | |||||||||
| NPRO | 8 5/8 | 2 55/64 | 3 | 1 29/32 | +5 49/64 | +201.64% | n/a | n/a | ||||||||||
| PCYC | 69 3/8 | 40 3/4 | 35 1/4 | 26 5/8 | +28 5/8 | +70.25% | -1.08 | +25.0% | lowered--- | |||||||||
| PGNX | 78 | 58 5/8 | 21 | 14 | +19 3/8 | +33.05% | +0.10 | +419.0% | raised | |||||||||
| SUPG | 66 1/4 | 33 1/2 | 26 9/16 | 14 3/8 | +32 3/4 | +97.76% | -1.06 | +201.0% | raised++ | |||||||||
| TCLN | 11 15/16 | 1 5/32 | 7/16 | 1 13/32 | +10 25/32 | +932.43% | n/a | n/a | ||||||||||
| VION | 26 7/8 | 8 7/16 | 6 9/64 | 4 13/16 | +18 7/16 | +218.52% | n/a | n/a | ||||||||||
| TOTAL AVERAGE | 165.95% | |||||||||||||||||
| RELATIVE PERFORMANCE SINCE START (6/27/99 - 3/9/2000) | ||||||||||||||||||
| 3/9/00 | 1/11/00 | 10/22/99 | 6/27/99 | $Change | %Change | |||||||||||||
| APHT | 37 | 20 1/2 | 12 3/4 | 14 1/4 | +22 3/4 | +159.65% | ||||||||||||
| AVXT | 14 5/8 | 9 3/4 | 2 7/8 | 4 3/16 | +10 7/16 | +249.25% | ||||||||||||
| BIOM | 14 3/4 | 6 1/2 | 2 5/8 | 3 5/8 | +11 1/8 | +306.90% | ||||||||||||
| CLPA * | 44 5/16 | 16 11/16 | 8 | n/a | n/a | n/a | ||||||||||||
| ENZN | 66 1/2 | 49 7/8 | 27 1/4 | 16 13/16 | +49 11/16 | +295.54% | ||||||||||||
| ILXO | 48 7/8 | 24 1/4 | 15 | 10 1/6 | +38 17/24 | +380.74% | ||||||||||||
| IMCL | 135 | 42 7/8 | 26 11/16 | 21 7/8 | +113 1/8 | +517.14% | ||||||||||||
| LGND | 20 1/2 | 15 5/8 | 7 13/16 | 10 7/8 | +9 5/8 | +88.51% | ||||||||||||
| MMP | 72 5/8 | 20 1/2 | 8 3/16 | 10 1/2 | +62 1/8 | +591.67% | ||||||||||||
| NBIX * | 43 | 30 | 14 13/16 | n/a | n/a | n/a | ||||||||||||
| NPRO | 8 5/8 | 2 55/64 | 3 | 1 29/32 | +6 23/32 | +352.46% | ||||||||||||
| PCYC | 69 3/8 | 40 3/4 | 35 1/4 | 26 5/8 | +42 3/4 | +160.56% | ||||||||||||
| PGNX | 78 | 58 5/8 | 21 | 14 | +64 | +457.14% | ||||||||||||
| SUPG | 66 1/4 | 33 1/2 | 26 9/16 | 14 3/8 | +51 7/8 | +360.87% | ||||||||||||
| TCLN | 11 15/16 | 1 5/32 | 7/16 | 1 13/32 | +10 17/32 | +748.89% | ||||||||||||
| VION | 26 7/8 | 8 7/16 | 6 9/64 | 4 13/16 | +22 1/16 | +458.44% | ||||||||||||