ASCO: Four Winning Cancer Drugs
6/7/2004 New Oleans, LA Matthew Herper Forbes.com The annual meeting of the American Society for Clinical Oncology is a much-watched arena for biotech concerns, which get their first chance to present new data to investors. Here are four companies that have doctors talking about their drugs. ImClone Systems Erbitux Colon Cancer, Head-And-Neck Cancer For the first time, ImClone Systems' (nasdaq: IMCL ) Erbitux has been proven to extend patients' lives. (In previous studies, it shrank tumors.) The new results for the drug are in head-and-neck cancer, a kind of tumor in the throat and mouth that is difficult to treat. The results are seen as proof of the drug's efficacy. "It takes a monkey off the back of a drug that's taken some hits," says Leonard Saltz, an oncologist from Memorial Sloan-Kettering who played a role in Erbitux's development. For ImClone and partner Bristol-Myers Squibb (nyse: BMY), that's good news indeed. Millennium Pharmaceuticals Velcade Myeloma, Lung Cancer Some analysts are disappointed with the sales of Millennium's (nasdaq: MLNM) Velcade as a treatment for multiple myeloma, a cancer of the blood. Yet many are watching to see whether the drug can work in other cancers, particularly those that form big, solid tumors. Early evidence came from a presentation using Velcade in non-small-cell lung cancer in a mere 53 patients. Bruce Johnson, an oncologist at the Dana-Farber Cancer Institute, says the results look good, but very preliminary. Roman Perez-Soles, chairman of the department of oncology at the Albert Einstein College of Medicine, [...]