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Johnson & Johnson Delays Stent Study Release

Robert Steyer

Johnson & Johnson(JNJ) Tuesday said it was delaying by about five months the publication of a test comparing its Cypher drug-coated arterial stent and the Taxus drug-coated stent made by Boston Scientific(BSX).

A spokeswoman for J&J's Cordis unit said the decision was based on a recommendation by clinical investigators who were participating in a test that involves more than 1,300 patients in 90 hospitals in Europe, Asia and South America.

Nevertheless, J&J shares rose 43 cents, or 0.7%, to $58.58, a new 52-week intraday high, as it continues to outperform most of its rivals in the sector.

J&J had hoped to release the results of the study -- the first head-to-head comparison between Taxus and Cypher -- at the American Heart Association's annual meeting in early November. This timetable "was very aggressive," said Terri Mueller, a spokeswoman for Cordis. She said her company agreed with the recommendation of a steering committee of clinical investigators to take more time to evaluate the data. J&J now hopes to present its findings at a March 2005 meeting of the American College of Cardiology.

The insertion of Taxus and Cypher stents in patients was completed in February; but clinical investigators needed an eight-month follow-up to assess how well the stents prevent arteries from reclogging. That's the key goal in the comparison test. The wire-mesh tube stents prop open arteries from which artery-clogging plaque has been removed. The stents allow the blood to flow more freely through the vessels.

J&J, whose Cypher reached the U.S. market in April 2003, and Boston Scientific, whose Taxus entered the U.S. market in March 2004, also sell their products in many foreign markets. They are the only two players in the drug-coated stent market so far. Medtronic (MDT) and Guidant(GDT) are also working on drug-eluting versions of the device.