I'm posting this seperately from a below thread. My fear is that a LINK may cause a thread to be deleted (as I've seen in some threads). I don't want that to happen.
There should be increasing information and evaluation about this news in the upcoming days and weeks. It suggests that the drug works, works well, and that talks for Phase 3 looks promising. To the management; my apologies if posting this breaks rules.
-Willy
http://www.reuters.com/article/marketsNews/idUKN2520323020070725?rpc=44
UPDATE 1-Vertex shares leap on hepatitis C drug data
Wed Jul 25, 2007 12:54PM EDT
By Bill BerkrotNEW YORK, July 25 (Reuters) - The shares of biotechnology company Vertex Pharmaceuticals Inc (VRTX.O: Quote, Profile, Research) rose 10 percent on Wednesday as additional information about its closely watched experimental hepatitis C drug reassured investors about its chances of success.Vertex, after the market closed on Tuesday, provided interim data from an analysis of a clinical trial that showed fewer than 10 percent of patients who had undetectable levels of the virus after completing 24 weeks of therapy had relapsed by the end of 12 weeks of post-treatment follow-up."We view this as very impressive data and a significant de-risking event, as post-treatment relapse rate was previously the biggest unknown," Leerink Swann analyst Howard Liang said in a report.Sanford Bernstein analyst Geoffrey Porges noted the less than 10 percent relapse rate seen with the drug, telaprevir, or VX-950, compares with roughly 30 percent seen in standard of care studies."This difference is the basis for the likely clinical trial superiority of telaprevir," Porges said in a research note.Porges, who is encouraging clients to buy Vertex shares, expects that telaprevir will "indeed be a major breakthrough in the treatment of hepatitis C virus."While the company did not divulge the sustained virologic response (SVR) -- the percentage of patients in whom the virus remained below detectable levels -- in the latest data release, analysts said the data suggest the SVR rate could be roughly 65 percent to 75 percent.An SVR rate higher than 50 percent is considered to be very positive and 75 percent would be viewed as a home run, analysts said. The additional data also continue to suggest that adding telaprevir to standard therapy of pegylated interferon and ribavirin would substantially cut down and possibly halve the required length of therapy from the current 12 months.
More data is expected to be unveiled in November and analysts said Vertex remained on track to begin late-stage clinical trials of the drug by the end of the year.But Needham analyst Mark Monane remained cautious about overly optimistic timelines and said he does not expect Vertex to submit an application seeking approval with U.S. regulators until mid-2010.Monane said data to be presented in the second half of the year, "will not add substantially to what is already known about (telaprevir) and consequently do not foresee a meaningful upside opportunity in the stock this fall."At its current price, we believe the stock fully reflects telaprevir's potential," added Monane, who maintained a "hold" rating on Vertex stock.The Cambridge, Massachusetts, company's shares were up $3.02, or 10.2 percent, at $32.74 in Nasdaq trading at midday. (Additional reporting by Toni Clarke in Boston)