Regulatory updates, clinical data and earnings moved biotech stocks midweek.
Then GPC Biotech(GPCB Quote) fell $6.58, or 57.5%, to $4.86, and Spectrum Pharmaceuticals(SPPI Quote) fell 37 cents, or 8.9%, to $3.77 after the companies announced that the SPARC trial on prostate cancer drug Orplanta didn't show a survival benefit. GPC, which licenses the drug from Spectrum, withdrew its new drug application for the drug earlier this year after a panel suggested the FDA wait for the survival data to approve it.
Amylin(AMLN Quote) and Eli Lilly (LLY Quote) said in a phase III study Byetta LAR, a once-weekly injection for diabetes patients, improved blood sugar control more than regular the regular twice-a-day Byetta injection. Byetta LAR uses Alkermes(ALKS Quote) technology.
LAR will be filed for approval by the end of the first half of 2009 -- a long wait, because Amylin is still constructing an LAR manufacturing facility, which needs to be complete before a filing. ...
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