DOW JONES NEWSWIRES
Genzyme Corp. (GENZ) and Isis Pharmaceuticals Inc. (ISIS) said
its mipomersen drug cut so-called bad cholesterol levels by 25% in
a late-stage study of patients who have a rare genetic
disorder.
But Isis shares fell 12% premarket to $13.65 as Genzyme said its
initial application for marketing approval likely won't come until
the second half of 2010. Genzyme was off 38 cents at $59.01.
Genzye and Isis reached a licensing and development agreement on
the drug last summer, paying Isis at least $325 million.
Mipomersen treats a disorder in which so-called bad cholesterol
cannot properly metabolized, raising the risk of cardiovascular
disease. The study found those receiving the drug saw
bad-cholestoral levels fall 25% after six months, compared with 3%
for those taking a placebo.
"We are very encouraged by these robust data and the emerging
profile of the drug," said Genzyme Chief Medical Officer Richard A.
Moscicki. "With these results, we remain on-track with our
development plan for mipomersen."
The drug has potential to change the standard of care for
patients with the disorder, whose life expectancies are limited due
to the disease's severity, according to John J.P. Kastelein,
chairman of the Department of Vascular Medicine at the Academic
Medical Centre Amsterdam. He added that current treatments fail to
sufficiently help.
-By Tess Stynes, Dow Jones Newswires; 201-938-2473;
tess.stynes@dowjones.com