Biotech Values

[DewDiligence]

EYET files 10K report –OXGN not listed as competition:

http://www.sec.gov/Archives/edgar/data/1115285/000095012304003723/y95396e10vk.htm

Here is what it says on page 23 of EYET’s 10K, in the section that enumerates the competition for Macugen in AMD and DME:

>>
Genentech, Inc. and Novartis are collaborating to develop a humanized monoclonal antibody fragment, administered by intravitreal injection, that targets VEGF for the treatment of wet AMD.

Alcon, Inc. is developing a steroid for the treatment and prevention of predominantly classic subfoveal wet AMD. This drug candidate is injected behind the eye using a customized injector inserted around the eye.

Miravant Medical Technologies is developing a photodynamic therapy that is similar to Visudyne for the treatment of wet AMD.

Bausch & Lomb Incorporated and Control Delivery Systems, Inc. are developing a surgically placed non-erodable intraocular implant for the delivery of steroids to treat DME and swelling resulting from other causes.

Allergan, Inc., which recently acquired Oculex Pharmaceuticals, is developing a bioerodable steroid implant for the treatment of persistent macular edema.

Eli Lilly & Co. is developing an orally administered inhibitor of an enzyme named PKC beta for the treatment of diabetic retinopathy.

Regeneron Pharmaceuticals, Inc. and Aventis S.A. are collaborating to develop a receptor fusion protein that contains portions of the extracellular domains of two different VEGF receptors and announced the start of a Phase 1 clinical trial in AMD in March 2004.

Genaera Corporation is developing a small molecule derived from the Dogfish shark and announced plans to initiate Phase 2 clinical trials in first half of 2004. The Phase 1/2 trial was conducted without a placebo arm and followed patients for 2 and 4 months.
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There is no mention of OXGN or their drug, CA4P, anywhere in the EYET document. However, Regeneron, which launched a phase-1 AMD trial only two weeks ago (#msg-2553391) is mentioned. So OXGN’s omission clearly isn’t because of timing.

Perhaps EYET’s 10K doesn’t mention OXGN because EYET doesn’t take OXGN’s program in ophthalmology seriously. Perhaps EYET thinks that any program that can’t enroll a reasonable number of patients in a reasonable amount of time doesn’t deserve to be considered serious competition.

I listened to OXGN’s webcast today from the Wells Fargo conference. At the previous OXGN investor presentation (the Lehman conference on March 4), CEO Fred Driscoll said that the company had a goal of launching a large AMD trial this year. However, at today’s presentation, Driscoll did not mention any such goal or plan –only the old news of a plan to start a trial in myopic degeneration. I guess the notion of OXGN’s running a large AMD trial when there is not much patient interest in the small AMD trial in progress at Johns Hopkins was one those short-lived ideas that died on the vine.