Targacept Unveils Stellar Depression Drug Data: BioBuzz
The bulk of Abilify's $2 billion-plus in sales in 2008 were for schizophrenia, but a Needham analyst estimates that $500 million in Abilify sales this year will come from the add-on anti-depressant market.
I spoke with Targacept CEO Don DeBethizy last night from Chicago. "The data are pretty amazing. I think people expected the [TC-5214] data to be good, but we were careful not to hype it in advance. One thing I've learned with age is to recognize that you don't need to do that when the data are that good."
Targacept has been sharing these data with potential Big Pharma partners since July under confidentiality agreements, said DeBethizy, with the intent of signing a co-development deal for the drug soon.
The company would like to get a deal done then move on to start phase III studies of TC-5214 as add-on therapy for depression, he says."Two-thirds of depressed people do not achieve relief from an SSRI alone -- that's more than 9 million people," says DeBethizy, referring to the most common class of anti-depressants. "We believe that a well-tolerated drug like TC-5214 as add-on therapy will be a major breakthrough for these patients" Targacept shares closed Thursday at $20.09 in advance of the TC-5214 presentation last night at 6 p.m. EDT. -- Reported by Adam Feuerstein in Boston
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV