This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Eyetech Jumps on FDA OK

Eyetech Pharmaceuticals (EYET) shares jumped early Monday after the company and its partner Pfizer (PFE - Get Report) won regulatory approval late Friday for their vision loss treatment.

The companies will soon begin marketing a drug that analysts say offers the best chance for limiting vision loss caused by a disease that primarily affects people 50 and older.

The drug is called Macugen, and the disease is called wet age-related macular degeneration, or AMD, which is becoming more prevalent as our population ages. The Food and Drug Administration approved the drug Friday night by granting it the widest possible use for treating wet AMD, also known as neovascular AMD. The companies say the drug will be available during the first quarter of 2005.

Eyetech shares jumped $3.65, or 8%, to $49.15 in premarket trading. Pfizer's were up 5 cents, or 0.2%, to $25.80, in the wake of its warning that its painkiller Celebrex posed increased cardiovascular risks during testing as a cancer treatment.

Macugen is the first in a line of potential new products being developed for a disease whose treatments are few and modestly effective. Macugen isn't a cure. It doesn't restore lost eyesight, but it helps preserve vision and helps limit progression of wet AMD to legal blindness.

Macugen is the first commercial product for Eyetech, which was founded in 2000 and went public at $21 a share earlier this year.

Macugen also provides some good news for embattled Pfizer, which signed a marketing and development deal with Eyetech in 2002. As part of that deal, the FDA approval means Eyetech will receive a $90 million milestone payment from Pfizer and Pfizer will buy $15 million of Eyetech's shares within 35 business days.

Macugen treats a disease that is the "leading cause of irreversible severe vision loss in patients older than 50 years of age in developed countries," the companies said Friday. The disease affects some 1.6 million Americans and is adding new U.S. patients at the rate of 200,000 a year, they added.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
MRVT $0.00 0.00%
IRIX $10.17 0.00%
NVS $98.95 0.00%
PFE $34.47 0.00%
QLTI $4.05 0.00%


DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs