Biotech stocks were largely flat Tuesday, though a few were still working out kinks from clinical data that sent them into a tizzy earlier in the week. Shares of Celgene ( CELG) and Millennium Pharma ( MLNM) settled down on Tuesday as investors digested competing data for Celgene's oral Revlimid and Millennium's Velcade injection as front-line multiple myeloma drugs. Both drugs are already approved for patients who've tried other treatments unsuccessfully, and they're eyeing approval for previously untreated patients in 2008. Millennium presented stronger-than-predicted Velcade data at the American Society of Hematology annual meeting, agitating Celgene's share price Monday. But analysts have also reaffirmed Revlimid expectations and on Tuesday shares reversed. Shares of Celgene slid 11.1% between Friday's close and Tuesday's open, but rebounded $2.34, or 4.8%, to $51.52 in recent trading Tuesday. Meanwhile, Millennium's shares gained 8.5% between Friday's close and Tuesday's open, and retracted 19 cents, or 1.2%, to $15.80 on Tuesday. Celgene and Millennium Pharma are both components of the Nasdaq biotechnology index, which was up just 1.34, or 0.15%, at 872.02. Cell Therapeutics ( CTIC) said Tuesday that in a phase II/III study patients who were treated with its combination therapy candidate for aggressive non-Hodgkin's lymphoma had fewer severe side effects than those who were treated with standard therapy. Shares edged up 11 cents, or 4.7%, to $2.46.
Meanwhile Mederex ( MEDX) and partner Bristol-Myers Squibb ( BMY) said Monday after close that the key study of
three ipilimumab phase III trials failed to meet its primary endpoint, which was to rule out a best objective response rate of less than 10%. Medarex and Bristol-Myers Squibb said they're still planning to meet with regulatory agencies in the near term, and hope to submit a regulatory filing to the Food and Drug Administration in the first half of 2008. Mederex shares fell $2.47, or 19%, to $10.88, while Bristol shares were trading down 31 cents, or 1.1%, at $29. EntreMed ( ENMD), which develops treatments for cancer and inflammatory diseases, said Tuesday that the FDA accepted its investigational new-drug (IND) application for Panzem in rheumatoid arthritis. Shares added 7 cents, or 5.4%, to $1.37. Elsewhere, Advanced Life Sciences Holdings ( ADLS) said Tuesday that it entered into definitive agreements on Dec. 10 to raise about $20 million of gross proceeds through a private placement of around 10.2 million shares of common stock and warrants to purchase about 5.1 million shares of common stock to a group of new and existing institutional investors. The purchase price for each share of common stock is $1.90 and the warrants have an exercise price of $2.15 a share of common stock. The financing is expected to close on or about Dec. 13. Shares edged down 15 cents, or 7.9%, to $1.75. In earnings, Sinovac ( SVA) said Tuesday that it earned $2.2 million, or 5 cents a share, vs. $93,000, or 2 cents a share, in the year-ago quarter. The company said its sales totaled $10.8 million, a 141% increase year over year, and its gross profit was $9.2 million, a 266% year-over-year increase. Shares rose 72 cents, or 20%, to $4.26.