Biotech Values

[mcbio]

PGNX - Focusing on 2nd Gen Viral Entry Inhibitor for Hep C

I haven't seen any comments on the viral entry inhibitor approach to treat Hepatitis C. The discussion has generally been about HIV for these drugs I believe but I guess it makes sense that they will be tested in other viral diseases. Comments?

http://finance.yahoo.com/news/Progenics-Provides-Update-on-bw-15462627.html?.v=1

Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX - News) today announced the discontinuation of development for PRO 206, a pre-clinical compound for the treatment of hepatitis C virus (HCV) infection. The decision was made as part of a portfolio review, and is in line with the Company’s ongoing initiative to allocate resources to the most important programs in order to increase its operating efficiencies. The Company will instead focus on its second-generation HCV-entry inhibitor portfolio and anticipates selection of a new development candidate in 2010.

“Our research and development team has built a robust platform for HCV drug discovery,” said Paul J. Maddon, M.D., Ph.D., Founder, Chief Executive Officer and Chief Science Officer, Progenics Pharmaceuticals, Inc. “While our review indicated that PRO 206 did not satisfy the criteria for further development, our ongoing research and development efforts have yielded new compounds demonstrating comparable potency to PRO 206. These second-generation compounds also indicate a broader spectrum of activity in laboratory studies against the hepatitis C virus.”