ASCO '11: YM BioSciences Attracts Wall Street
Dozens of investors and analysts jockeyed for position around a scientific poster detailing interim results from a phase I/II study of YM BioSciences' experimental myelofibrosis drug CYT387. Questions were hurled at the poster's author from the Mayo Clinic, while a few feet away, YM BioSciences' CEO Nick Glover was surrounded by still more investors and analysts.
The American Society of Clinical Oncology (ASCO) annual meeting had just started a few hours ago, but Wall Street was already making its presence felt. The money crowd that showed up to see the YM BioSciences poster all wanted to know the same thing: Is CYT387 a real drug? And is it potentially better than Incyte's (INCY) ruxolitinib, also being developed for myelofibrosis?
Incyte sports an enterprise value of approximately $2 billion, largely because of ruxolitinib in myelofibrosis. Incyte and its partner
(NVS) have completed two successful phase III studies of ruxolitinib and are preparing to seek regulatory approval.
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