Biotech Values

[DewDiligence]

CONR CC notes:

CoStar CE Mark in Europe is expected any day. (However, CoStar launch in France will not happen until 2007 because an additional study has to be completed to obtain reimbursement there.)

U.S. pivotal trial: on account of slow enrollment in the multi-vessel arm, a protocol change was made to reduce the proportion of patients with multi-vessel disease from 50% to about 25%. (CONR still hopes to get a multi-vessel label, however.) Data from the U.S. pivotal trial will be released at ACC in March, 2007.

Litigation: the UK ruling vs ANPI is expected soon (closing arguments were held in Dec); no near-term resolution is expected on the U.S case vs BSX, and the Netherlands and Australian cases vs ANPI.

EU DES factoids: overall DES penetration is about 50%, but there is high country-to-country variation. (For instance, DES penetration in Germany is only 15%.) The industry-wide ASP for DES’s in the EU is down to €1,200 on account of price-cutting by BSX.

CONR expects to have a DES for the Japanese market by late 2008.

For its next-generation stent, CONR has elected to go with Pimecrolimus (Elidel) rather than Gleevec or one of the other NVS drugs on which CONR previously took a licensing option.