InvestorsHub Logo
Followers 2
Posts 283
Boards Moderated 0
Alias Born 08/25/2006

Re: None

Monday, 04/23/2007 12:45:29 PM

Monday, April 23, 2007 12:45:29 PM

Post# of 12660
More UBS BS

Thanks to CMH-760 on IV

UBS - Latest research note

AACR 2007 Highlights

Dendreon (Reduce 2 Rated)

In a poster presentation, Dendreon shared immune monitoring data from its

ongoing P-11 trial for Provenge, a novel active cellular immunotherapy now

pending FDA approval (PDUFA is May 15) for use in hormone-refractory

prostate cancer (HRPC). P-11 evaluates the potential of Provenge in “upstream”

use for hormone-sensitive prostate cancer (HSPC), a much larger market

opportunity (company estimates there are roughly 56,000 patients with HRPC,

but ~380,000 with HSPC).

The data were very much similar to that found in the abstract made available

prior to the conference, and confirm previously announced data from other

Provenge trials. In essence, the data suggested that Provenge could elicit a

prolonged immune response in patients with HSPC in that: 1) the change in

PA2024-specific proliferative responses from baseline to weeks 4 and 13 were

significant for Provenge across three different antigen concentrations compared

to placebo (p<0.0001); and 2) at the time of the booster infusion (ranged from 4-

33 months), the immune response was still significantly higher for the Provenge

arm than the placebo arm.

While the data are supportive of potential use of Provenge in the HSPC setting,

we note that P-11 is a non-registrational Phase III trial, for which Dendreon

is not likely to be able to file with FDA as proof of efficacy should it wish to

pursue this indication. Dendreon is still collecting data from P-11 (enrollment

was complete in 2005), and we await results on PSA doubling times and timeto-

bone metastases in order to better assess the potential of Provenge in HSPC.

While it remains difficult to estimate when final data will be available (survival

data won’t be available for several years), we believe additional data may be

presented at the upcoming AUA and ASCO meetings (May 19-24 and June 1-5,

respectively).

KOL Feedback on Provenge’s Potential Approval was Very Cautious

Attendance at the AACR meeting gave us a unique opportunity to gather

feedback from various experts in the fields of immunotherapy and prostate

cancer on their general thoughts on Provenge and their views on whether

Provenge should be approved on May 15.

Overall sentiment on Provenge’s chances of being approved next month

was negative, with no particular bias between immunotherapy and prostate

cancer key opinion leaders (KOLs). On the positive side, despite the setbacks of

previous immunotherapies, KOLs were still enthusiastic on the potential of

immunotherapy in treating cancer, and while it was likely that Provenge might

not be approved on time, sentiment was best summarized by comments by a

thought leader from Memorial Sloan-Kettering Cancer Center (New York) who

said it was “important not to throw the baby out with the bathwater.” Provenge

P-11 data is supportive of Provenge’s

potential in hormone-sensitive prostate

cancer, but more data is needed

KOL feedback reinforce our view that

an approvable letter for Provenge is

likely on May 15

US Small/Mid Cap Biotechnology 23 April 2007

UBS 3

was viewed as an important advance, with additional efforts and investment

necessary and warranted, but it might be some time before definitive proof on

Provenge might be available.

KOLs we spoke with felt that while the data were encouraging, one

problem with Provenge was that they still didn’t know enough about the

therapy itself to feel comfortable.

Issues and concerns raised by thought leaders about Provenge included the

following:

■ Uncertainty surrounding Provenge’s exact mechanism of action by which it

mediates an anti-cancer effect.

■ Lack of proof that Provenge has any direct effect at all on the cancer/tumor.

■ Immune responses seen to date appear to be directed towards the PA2024

PAP fusion protein, not the native PAP prostate antigen itself (a response

directed towards the latter is much preferred).

■ It remains unclear whether the benefit being attributed to Provenge could

simply be attributed to GM-CSF (which is an important component in

Provenge).

■ To date, Dendreon has shown that the Provenge immune response is more of

a CD4+-mediated effect, when ideally a CD8+-mediated response (direct

killing of tumor cells) is preferred.

■ Other adjuvants besides dendritic cells would be preferred.

■ The clinical trial program would have been more ideal if the company had

generated more meaningful and more easily interpreted/understood Phase I/II

data before moving into Phase III.

As it relates to approvability on May 15, the KOLs felt that there just

wasn’t enough conclusive evidence at the current time to prove Provenge’s

efficacy, and that more clinical data were required before potential FDA

approval. Comments were:

■ All “serious medical oncologists” do not believe the efficacy data presented

are robust enough to allow FDA to approve Provenge.

■ While it may be difficult politically speaking, at the end of the day, the FDA

will have to go against the advice of the advisory panel (remember, the vote

by the advisory committee is only a recommendation).

■ Many oncologists agreed with the negative contents of a recent letter written

by Dr. Howard Scher (Memorial Sloan-Kettering Cancer Center) to FDA on

the flaws in the Provenge clinical data. (Dr. Scher is a leading authority in

prostate cancer, and he was one of four who voted “no” on the efficacy

question for Provenge at the March 29 advisory committee meeting.)

We believe this provides additional support behind our cautious view on the

Provenge BLA filing, where we continue to believe that the existing clinical

Provenge still a mystery to many

thought leaders

KOLs don’t see an approval likely as

more conclusive data are needed

US Small/Mid Cap Biotechnology 23 April 2007

UBS 4

data available data for Provenge, while suggestive of efficacy, are not robust

enough to warrant FDA approval on May 15.

Thus, we reiterate our view that Provenge will be the subject of an

approvable letter from FDA by or on Provenge’s May 15 PDUFA, and that

Dendreon will need to submit additional clinical trial data (from the

ongoing IMPACT/D9902B study) before ultimate FDA approval can be

secured.

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.