However, I do not think we can assume that BMY’s motive had to do with toxicity. Another explanation is that BMY was undergoing a corporate overhaul and was desperately searching for ways to inflate the 2002 EPS. (As we now know, BMY stuffed the inventory channels to give the appearance of robust sales.) Because CA4P was clearly not a near-term earning driver, it is possible that BMY’s decision to pull out was based on short-term financial considerations.
Then again, maybe BMY did see something in CA4P’s safety profile that was not to their liking. If you read the OXGN message board from that period (10/01), there were some posters who indeed thought that toxicity was the reason for the pullout.
katie, I have been in and out in OXGN for several years but as a daytrader or for a maximum period of one month. Have been long since mid 2003. This is what I found regarding the BMY agreement.
Despite the positive results, Bristol-Myers Squibb Co. ended its partnership with Oxigene on CA4P last week in a decision to focus on late-stage products, according to OxiGene.
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