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Immunex MS drug okayed
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January 31, 2000: 10:56 a.m. ET
FDA panel gives preliminary approval to new use for cancer treatment
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NEW YORK (CNNfn) - A cancer drug made by the biotech firm Immunex Corp. has received preliminary approval for treatment of advanced forms of multiple sclerosis, news that sent the company's shares higher in early trading Monday.
A Food and Drug Administration panel recommended Friday that the full commission approve the drug, called Novantrone, for use as an MS treatment. The company presented data showing that the drug can safely slow the progress of advanced stages of the crippling neurological disease. The FDA generally follows the advice of its advisory panels.
Immunex (IMNX: Research, Estimates) stock rose 1-5/16 to 117-7/16 Monday morning.
Speculation that the FDA would approve the drug has helped boost Immunex shares in recent days. Analysts predict that Novantrone's annual sales could double if approved for treatment of MS. Sales of the drug, which already is sold for treating leukemia and cancer, totaled about $45 million last year.
MS causes scar tissue to block messages from the brain that govern movement and other functions. Patients with the most common form of the disease suffer attacks of impaired mobility, blurred vision and other symptoms, but can live in decent health during remission periods.
Within 10 years, however, most patients evolve to secondary progressive MS, which can cause more loss of mobility, paralysis or blindness. About 350,000 Americans have MS, and about half are in late stages.
Three drugs already are on the market for early stages of MS, Biogen Inc.'s (BGEN: Research, Estimates) Avonex, Betaseron by Chiron Corp. (CHIR: Research, Estimates) and Copaxone by Teva Pharmaceutical Industries (TEVA: Research, Estimates).
American Home Products Corp. (AHP: Research, Estimates) owns a majority stake in Seattle-based Immunex. Its shares fell 7/8 to 43-3/8 in early Monday trading.
-- staff and wire reports 
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Immunex
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