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News Breaks | | | | January 23, 2013 | | 10:35 EDT |  | LLY | Eli Lilly drops after cancer drug data seen as 'underwhelming'
Eli Lilly (LLY) is retreating after the company reported a median overall survival rate of 5.2 months for patients who received the company's gastric cancer treatment, ramucirumab, in an abstract posted last night on the American Society of Clinical Oncology’s website. Patients who received a placebo had a median overall survival rate of 3.8 months. Although the overall survival rate produced by the drug was statistically significant, Leerink Swann analyst Seamus Fernandez called the data "somewhat underwhelming" in a note to investors earlier today. The company may still seek FDA approval for ramucirumab, but the agency will likely require the company to conduct another study before it will approve the drug, the analyst believes. Fernandez maintained an Outperform rating on the stock, which slid $1.10 ,or 2.06%, to $52.34 in mid-morning trading. | |
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News For LLY From The Last 14 Days Check below for free stories on LLY the last two weeks. |
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| May 21, 2013 | | 07:24 EDT |  | LLY | Global Health Care to host a conference
 Subscribe for More Information | | | May 16, 2013 | | 08:55 EDT | | LLY | BofA/Merrill's pharmaceuticals analysts hold analyst/industry conference call
Subscribe for More Information | | | May 14, 2013 | | 09:09 EDT | | LLY | Eli Lilly announces CEO John Lechleiter recovering from surgery
Subscribe for More Information | | | 07:24 EDT | | LLY | EBD Group to host a conference
BioTrinity 2013 is being held in Newbury, England on May 14-16. | | | May 10, 2013 | | 11:48 EDT |  | LLY | Drugmakers to face pressure on U.S. prices, Reuters says
Subscribe for More Information | | | 08:02 EDT | | LLY | Eli Lilly's Enzastaurin Phase III study did not meet primary endpoint
Eli Lilly announced Phase III clinical trial results from enzastaurin's PRELUDE study, which explored the molecule as a monotherapy in the prevention of relapse in patients with diffuse large B-cell lymphoma. The study failed to show a statistically significant increase compared to placebo in disease-free survival in patients at high risk of relapse following rituximab-based chemotherapy. There were no new safety findings, and the safety data were consistent with previously disclosed studies. Lilly will stop development of enzastaurin, which is expected to result in a second-quarter charge to R&D expense of approximately $30M. The company's previously-issued financial guidance for 2013 remains unchanged. | |
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