Vasogen sorgt für Stress - 500 Beiträge pro Seite

[puhvogel]

Ich muss wohl einen neuen Thread anleiern, da die WKN von Vasogen (872281) bisher nie angegeben wurde, bzw. Vasogen im Gold-Board versteckt wurde.
Die Kürzel von Vasogen sind MEW in den USA, der Hauptumsatz wird aber an der Heimatbörse in Toronto gemacht: T.VAS
http://www.stockhouse.ca/comp_info.asp?symbol=VAS&table=list

Nach einer kurzen inhaltlichen Auseinandersetzung mit der Aktie gefällt mir das Management außerordentlich, denn es hat offenbar keine undichte Stelle und gibt sich auch sonst recht bescheiden bei der Wahl der Pressemitteilungen.
Vasogen hat sich spezialisiert auf die Bekämpfung von Entzündungen im Körper.
Dazu werden zeitweilige Blutzellen entnommen, die durch äußere Reize wie zum Beispiel Hitze oder Chemikalien gestresst werden. Als Antwort auf diesen äußeren Stress exprimieren die Zellen sogenannte Hitzeschockproteine. Diese Hitzeschockproteine bewirken, dass die körpereigenen Abwehrzellen wie Dendritenzellen und die "Fresszellen" mehr vom Zellbotenstoff Interleukin 10 ins benachbarte Gewebe aussenden. Interleukin-10 wiederum führt zu einer Verminderung der Auschüttung von den Entzündungsbotenstoffen Gamma-Interferon und Tumornekrosefaktor-Alpha, die massgeblich an den Entzündungsvorgängen im Körper beteiligt sind, wozu auch die ganzen Autoimmunkrankheiten wie Schuppenflechte, Diabetes Typ 1, Multiple Sklerose, Rheuma, und und und gehören.
Der Blockbuster Enbrel von Immunex, bald Amgen gehörend , ist zB ein Wirkstoff, der durch die Unterdrückung vom Tumornekrosefaktor-Alpha wirkt.


Vasogen hat eine Anwendung in Phase 3 (Schaufensterkrankheit, die bei vielen letztendlich zu Amputationen führt, zwei weitere in Phase 2 (schwere CHF und Schuppenflechte).
Gestern wurde eine Studie bei schweren fällen von chronischer Herzinsuffienz (=CHF) veröffentlicht, die zwar zu wenige Patienten beinhaltet, um wirklich wissenschaftlich aussagekräftig zu sein, allerdings sind die Ergebnisse sehr ermutigend , fast erstaunlich. Der Markt reagierte mit einem Anstieg von rund 30 %, was aber nicht mal das Ende der Fahennstange sein muss. Gerade solche cardiovaskulären Krankheiten und Autoimmunkrankheiten, das ist die Domäne der großen Pharmafirmen, d.h. Vasogen dreht mit einer Marktkapitalisierung von immer noch nur knapp 200 Millionen $ und einem Minietat an einem ganz grossen Rad.
Ich denke mir, das ist schon einen Zock wert.
Im Folgenden kommen die Studienergebnisse und einige Kommentare zu der Studie. Die Studie selbst muss etwa ein halbes Jahr angedauert haben, da bin ich noch aktuell am verifizieren.

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Vasogen Announces Positive Results from Congestive Heart Failure Trial
- Results Demonstrate Significant Reduction in Hospitalizations and Deaths -
TORONTO, Feb. 28 /PRNewswire-FirstCall/ - Vasogen Inc. (TSE:VAS ; AMEX:MEW ), a developer of immune modulation therapies for the treatment of cardiovascular, autoimmune, and other inflammatory diseases, today announced positive results from a clinical trial of its immune modulation therapy in patients with chronic congestive heart failure (CHF), a disease affecting five million Americans.

The randomized, double-blind, placebo-controlled clinical trial in 73 advanced CHF patients, conducted at leading cardiac centers in the United States and Canada, demonstrated an impact on the most rigorous measures of therapeutic efficacy in CHF - hospitalizations and deaths. The study showed that, compared to the placebo group, the group receiving Vasogen`s immune modulation therapy experienced significantly fewer major events - either hospitalizations (24 versus 41) or deaths (1 versus 7). This significantly lower event rate was supported by improvements in quality of life and NYHA clinical classification for patients receiving Vasogen`s immune modulation therapy. The therapy was also shown to be well tolerated and free of significant adverse side effects.

``The outcome of this clinical trial has exceeded our expectations and, given the dramatic impact of Vasogen`s immune modulation therapy on hospitalizations and death in this study, we expect to accelerate our development timelines in CHF,`` stated David Elsley, Vasogen`s President and CEO. ``With nearly 300,000 disease-related deaths each year and U.S. healthcare expenditures for CHF exceeding an estimated $34 billion annually - driven mainly by hospitalizations - we see a major opportunity for our immunotherapeutic intervention to address this deadly and costly condition.``

The study of Vasogen`s immune modulation therapy in CHF was conducted at leading North American cardiac centers: Baylor College of Medicine, the DeBakey Heart Center of The Methodist Hospital, and the Texas Heart Institute, under the direction of Dr. Guillermo Torre-Amione, Medical Director of the Heart Transplant Service; The Cleveland Clinic Foundation, under the direction of Dr. James Young, Head of the Section of Heart Failure and Cardiac Transplant Medicine; and l`Hopital Notre-Dame du CHUM (University of Montreal), under the direction of Dr. Francois Sestier, Cardiologist.

``The strong impact of Vasogen`s immune modulation therapy on such critical endpoints in CHF as hospitalizations and death was clearly an unexpected and exciting result,`` said Dr. Guillermo Torre-Amione, a principal investigator for the study. ``In addition to its important effects on morbidity and mortality, Vasogen`s therapy was shown to be both safe and well tolerated in this very sick patient population. The absence of drug interactions in patients who were receiving standard pharmaceutical regimens also suggests that the therapy could be prescribed without adjusting or adding to the already large number of drugs being taken by these patients. These results strongly support moving to a confirmatory clinical trial examining morbidity and mortality - key endpoints for the approval of new CHF therapies.``

``Despite the development of new drug therapies for CHF, this disease is still involved in the deaths of almost 300,000 people each year, and late- stage patients continue to face a 50% one-year mortality rate,`` said Dr. James Young, a principal investigator for the trial. ``The results from this trial represent the first time an immunotherapeutic approach has demonstrated a beneficial impact on morbidity and mortality in heart failure patients. In addition, this effect was accompanied by improvements both in NYHA classification and quality of life, with no therapy-related serious adverse side effects - all of which are desirable attributes for an effective CHF therapy. Based on these results, Vasogen`s immune modulation therapy has significant potential to become a main line treatment for CHF patients at all stages of the disease, and I look forward to being involved in its further development.``

The trial enrolled a total of 73 patients, randomized into two groups, each of which received either Vasogen`s immune modulation therapy (n equals 36) or placebo treatments (n equals 37). Among the inclusion criteria for patients recruited into the trial were a New York Heart Association (NYHA) classification of III or IV (advanced disease) and a left ventricular ejection fraction (LVEF) of less than 40%. Patients were also on stable doses of pharmaceuticals that reflect the standard of care, which include angiotensin converting enzyme (ACE) inhibitors, beta blockers, digoxin, and diuretics. Several parameters relevant to CHF, including NYHA classification, exercise tolerance, LVEF and quality of life, were assessed at baseline, at a time point near the middle of the study, and at the end of the study. Serious adverse events, including hospitalizations and deaths, were monitored throughout the six-month trial. At baseline, the active treatment and placebo groups were well matched in all important respects, including gender, race, age, concomitant medications, NYHA classification, LVEF, exercise tolerance, and quality of life.

The trial demonstrated a significant reduction in the rate of major events (hospitalizations and deaths) in patients receiving Vasogen`s immune modulation therapy, with 12 patients (33%) in the active treatment group experiencing one or more major events during the study, compared to 22 patients (59%) in the placebo group (p equals 0.035). In addition, the number of major events was significantly lower (p equals 0.035) in the active treatment group, compared to the placebo group (25 versus 48). These results were supported by the markedly lower mortality rate observed among patients receiving Vasogen`s immune modulation therapy, with a 2.8% mortality rate (1 death) in the active treatment group, compared to 19% (7 deaths) in the placebo group, a difference that closely approached statistical significance (p equals 0.056). The number of hospitalizations alone also trended strongly lower in the group receiving active therapy, with 24 hospitalizations, compared to 41 hospitalizations in the placebo group (p equals 0.089).

The significant reduction in hospitalizations and deaths in the active treatment group was also supported by consistent trends observed in improvements in quality of life, and in clinical status as measured by changes in NYHA classification. Patients in the active treatment group reported a mean improvement in quality of life of 12.2 points from the beginning to the end of the study, using the Minnesota Living with Heart Failure (MLHF) questionnaire, compared to a 4.5 point mean improvement in the placebo group (p equals 0.11). A change of 5 points on the MLHF scale is considered clinically significant. Consistent with this trend, the percentage of patients in the active treatment group who improved their NYHA status by at least one class was 42%, compared to 24% in the placebo group (p equals 0.14). No significant differences were observed in either LVEF or exercise tolerance between the two groups, while both the placebo and active treatment groups showed increases in these measures over the course of the study.

Vasogen`s immune modulation therapy was also shown to be well tolerated, with no treatment-related patient withdrawals from the trial. In addition, no treatment-related serious adverse events were reported, further confirming the established safety profile of Vasogen`s immune modulation therapy. The mortality rate observed in the placebo group was consistent with that expected for a group of CHF patients with similar demographics, based on published placebo-controlled studies. The seven deaths in the placebo group were distributed throughout the six-month course of the study, while the single death in the active treatment group, which was considered not to be related to cardiac disease, occurred in the last month of the study.

Hospital admission rates for CHF have increased in the last 20 years to the point where the disease now accounts for 5% of medical admissions in the U.S. and is the leading cause of hospital admissions in patients over 65 years of age. Patients experience a continuing decline in health, including the onset of shortness of breath, increased fatigue, reduced exercise tolerance, and an increasing frequency of hospitalization. The condition is usually progressive, becomes irreversible, and ultimately results in death. CHF mortality data are comparable with those of many forms of cancer, with reported five-year survival rates of 25% for men and 38% for women. The cost of medical care for CHF in the U.S. is over $34 billion per year, which represents approximately 5% of total U.S. healthcare costs. An estimated 11 million patients in North America and Europe are currently living with CHF.

CHF is now recognized to be a systemic disorder characterized by excessive sympathetic nervous system activation, generalized dysfunction of the blood flow-controlling endothelial cells that line blood vessels, inflammation secondary to immune activation, and an increased death rate of heart muscle cells. Vasogen`s immune modulation therapy has been shown both clinically and experimentally to have a beneficial impact on many of these pathological processes. There is evidence that sustained immune activation is one of the factors involved in the induction of myocardial injury and, once the myocardium has become damaged, there is an ongoing inflammatory response directed against the heart, contributing to the progression of CHF.
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Vasogen Therapy Reduces Adverse Events In Heart Trial

TORONTO -(Dow Jones)- A clinical trial of Vasogen Inc.`s (MEW) immune modulation therapy in patients with chromic congestive heart failure resulted in a drop in deaths and hospitalizations for those receiving the therapy.
In a news release, Vasogen said the randomized, double-blind, placebo- controlled clinical trial in 73 patients with advanced congestive heart failure, or CHF, was conducted at four cardiac centers in the U.S. and Canada . The study showed that, compared to placebo, "significantly fewer" patients receiving its immune modulation therapy experienced an event - either death (one patient versus seven) or hospitalization (12 patients versus 20).
The company said this significantly lower-event rate was supported by improvements in quality of life and New York Heart Association clinical classification for patients receiving its therapy. It also said the therapy was shown to be well tolerated and free of significant adverse side effects.
The trial`s 73 patients were randomized into two groups. The company said 24 patients (67%) in the active treatment group survived event-free to the end of the study, compared with 15 patients (41%) in the placebo group. It said the total number of events was also significantly less in the active treatment group.
Vasogen said it plans to accelerate its development timelines for CHF, a disease it said affects 11 million people in the U.S. and Europe and accounts for 5% of medical admissions in the U.S.
Vasogen, a development-stage company, discovers treatments that deregulate or suppress harmful immune system responses.

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Ein Kommentar auf dem Stockhouse-Board:
As a physician who has been treating heart failure patients for 15 years and as a researcher who was involved in trials of ACE inhibitors before they became the gold standard in treating heart failure in the early 80`s,I am totally impressed by these results.There are over ten giant pharmaceuticals fighting for the lucrative multi-billion dollar ACE-CHF market share.In looking at vasogen`s study one could make a case for as beneficial an effect of the vasobox as the ACE inhibitors on decreasing morbidity as well as mortality.Remember not one other CHF drug ie.digoxin,furosemide etc.decreases mortality except ACE inhibitors.Obviously less clinical problems with vasocare then ACE inhibitors.Such a stupidly simple idea which just might make your hand a pair of ACE`s.Let`s see how the press and scientific community respond to this potential blockbuster news.Lets see how PR does with this news.
....
I`m anxious to here follow up scientific commentary on the study results.Absolutely no doubt that we as clinicians treating CHF want a larger, more statistically stronger study to begin ASAP.There certainly is no lack of patients who could be enrolled quickly into this bigger study.It would seem from the present study the number of subjects and study duration may not have to be so large or long as to confirm clinical significance,however maybe a biostatistician can comment on this.As for the comment on drug therapy,we as clinicians generally believe any non pharmacologic treatments whether they be diet, excersize,physiotherapy or now to add a 21`st century term,vasotherapy,are mostly considered as drug-sparing therapy whereby smaller doses and therefore less toxic are used.This means there would be a synergy of benefits with this approach.I don`t think we could ethically do a study comparing vasotherapy to ACE and Aspirin as both these relatively safe drugs have repeatedly prooven efficacious in studies on the treatment of CAD and CHF.Lets all hope this company prooves what I believe to be empirically true.In all disease there is a common dis-regulation of the inflammatory chemistry and that physical manouvers whether they be exposure to the suns radiation which often helps people with psoriasis or accupuncture or the black box of vasogen there can be just as a dramatic effect on a patients illness as with the host of chemical agents we prescibe as medications. Good luck on your investments and more importantly good health.
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Zum Vergleich der aktuelle Goldstandard:

Medical management of advanced heart failure.

CONTEXT: Advanced heart failure, defined as persistence of limiting symptoms despite therapy with agents of proven efficacy, accounts for the majority of morbidity and mortality in heart failure.
OBJECTIVE: To review current medical therapy for advanced heart failure.
DATA SOURCES: We searched MEDLINE for all articles containing the term advanced heart failure that were published between 1980 and 2001; EMBASE was searched from 1987-1999, Best Evidence from 1991-1998, and Evidence-Based Medicine from 1995-1999. The Cochrane Library also was searched for critical reviews and meta-analyses of congestive heart failure.
STUDY SELECTION: Randomized controlled trials of therapy for 150 patients or more were included if advanced heart failure was represented.
Other common clinical situations were addressed from smaller trials as available, trials of milder heart failure, consensus guidelines, and both published and personal clinical experience.
DATA EXTRACTION: Data quality was determined by publication in peer-reviewed literature or inclusion in professional society guidelines.
DATA SYNTHESIS: A primary focus for care of advanced heart failure is ongoing identification and treatment of the elevated filling pressures that cause disabling symptoms. While angiotensin-converting enzyme inhibitors and beta-adrenergic agents can slow disease progression and prolong survival, titration and tolerability often present challenges. Most patients are not eligible for surgical intervention but do benefit from a medical regimen tailored to individual clinical and hemodynamic profiles and from heart failure management programs that reduce rehospitalization. Survival ranges from 80% at 2 years for patients rendered free of congestion to less than 50% at 6 months for patients with refractory symptoms, in whom end-of-life options may include hospice care and inactivation of implantable defibrillators.
CONCLUSIONS: Current management of advanced heart failure is based more on consensus than on randomized trials. Systematic investigation should address not only new therapies but also strategies for selecting and optimizing therapies already available.

[praetorius]

Scheinen gegen große Player anzutreten, wie wird Vasogen sich durchsetzen? Wie weit sind Konkurrenten?
Die zuletzt angesprochene Studie, in welcher Phase befindet die sich?
Beim derzeitigen Zulassungsstau, wann werden die mit ihrer Produktpipeline Geld sehen?

[puhvogel]

Hi Praetorius: Sorry, ich hatte damals deine Frage nicht mitbekommen.
Einen Überblick über das Feld kann ich bei bestem Willen nicht bringen, denn sehr viele grosse Pharmafirmen arbeiten in diesem Feld und die geben keineswegs ihre Daten von klinische Daten bereitwillig preis, variieren Studienparameter, so dass die Daten unvergleichbar sind. Die abgeschlossene Studie ist Phase 2, ich nehme mal an, dass die jetzt mit der Planung von Phase 3 beginnen. Gelder fliessen dann frühestens 2004. Der jetzige Behandlungsstandard sieht aber schlechter aus, wie ich doch recht umfangreich dokumentiert hatte.

Heute kamen neue Daten zu Schuppenflechtenstudie, die nicht so gewaltig aussehen. Positiv ist dagegen das Nebenwirkungsprofil.

Vasogen Clinical Trial Identifies Optimal Treatment Schedule in Psoriasis
TORONTO, March 14 /PRNewswire-FirstCall/ - Vasogen Inc. (TSE:VAS; AMEX: MEW), a developer of immune modulation therapies for the treatment of cardiovascular, autoimmune, and other inflammatory diseases, today announced that its open- label clinical trial in moderate to severe psoriasis achieved its objective of identifying an optimal treatment schedule for the Company`s immune modulation therapy. The trial was conducted at five sites in Canada, under the direction of Dr. Daniel Sauder, formerly Professor and Chief of Dermatology at the Sunnybrook Health Sciences Centre, University of Toronto, and currently Professor and Chairman, Department of Dermatology, Johns Hopkins University.
"Exhibiting none of the safety concerns associated with aggressive therapies targeting more severe psoriasis, Vasogen`s immune modulator shows considerable potential to address the needs of patients with moderate disease," said Dr. Sauder, principal investigator for the study. "Given the therapy`s excellent safety profile, tolerability, and observed therapeutic benefits, I also see an important role for this intervention as an adjuvant therapy for patients with more severe disease. Based on these promising results, I look forward to participating in the further development of Vasogen`s immune modulation therapy."
The trial enrolled moderate to severe psoriasis patients who were randomized into one of three groups (Group I, n(equal sign)36; Group II, n(equal sign)38; Group III, n(equal sign)39), each of which was treated with a different schedule of Vasogen`s immune modulation therapy. Each treatment schedule consisted of an induction phase followed by a maintenance phase and was administered over a period of four months. Each group was well matched at baseline in all important aspects, including demographics and psoriasis area and severity index (PASI) score. The study utilized standard measures of therapeutic efficacy in evaluating the clinical response to each treatment schedule.
Overall, the study identified the treatment schedule used in patient Group II as superior to those of Groups I and III. Although the open-label trial design did not allow firm conclusions regarding efficacy to be determined, the safety, tolerability, and changes from baseline observed in a number of key endpoints continue to support an attractive therapeutic profile for Vasogen`s immune modulation therapy in psoriasis. A majority of patients (60%) in Group II experienced a clinical improvement based on maximal PASI scores, with more than 40% of Group II patients improving by 40% or greater, and half of these experiencing a 50% or greater improvement. Using Global Physician Assessment and Global Patient Assessment, additional standard measures of therapeutic efficacy, 26% and 28%, respectively, of patients in Group II achieved an improvement of 50% to 75%.
Across all three treatment arms, Vasogen`s immune modulation therapy was well tolerated and was shown to be safe, based both on laboratory findings and clinical monitoring of adverse side effects. As well as showing superior clinical improvements, the Group II schedule also required the fewest number of treatments, with two consecutive daily treatments for the induction phase followed by single maintenance treatments given after two weeks and monthly thereafter. The Group II schedule was considered to be the most convenient and efficient and, therefore, would be expected to provide the best patient compliance of all three treatment schedules.
"I am pleased that the outcome of this trial has provided us with an optimal treatment schedule on which to base further clinical development in psoriasis," said David Elsley, Vasogen`s President and CEO. "It is clear, however, that our recently-reported success in chronic heart failure has positioned the Company to accelerate the timelines for this critical medical problem, making heart failure our top development priority. Psoriasis continues to represent an important market opportunity for Vasogen, and we are currently reviewing options for clinical development targeting underserved segments, such as moderate disease."
Psoriasis is an inflammatory autoimmune disease of the skin occurring in up to 2% of the population, with approximately 500,000 individuals in the United States having moderate disease. It is a lifelong condition that is often emotionally and physically distressing. The cost of care for psoriasis is estimated to exceed $3 billion annually in the U.S. alone, with the moderate segment contributing over $1 billion of that total.

[puhvogel]

Ich habe auf der Vasogen-Homepage nach dem heftigen Kursrutsch der letzten Tage noch mal genauer nachrecherchiert, ob die letzten Studienergebnisse noch schlechter sind als ich bisher angenommen habe.
Wie ich oben vermutet hatte, waren die Ergebnisse leider nicht so prickelnd, im Vergleich zu bisherigen Entwicklungen und sogar zu den bisherigen Ergebnissen.

Selbst beim idealen Behandlungsschema lagen die erzielten Ergebnisse unter denen der ersten Phase 2 Studie. Das ist natürlich enttäuschend, denn diese Studie sollte ja gerade die Effektivität der Immunmodulation weiter verbessern.
Ich halte die Bedeutung dieses Entwicklungspfades für relativ gering, da aktuelle sehr viele neue Methoden/Pharmakas gegen Schuppenflechte in fortgeschrittenen Studien getestet werden. Wenn Vasogens Immunmodulation auf den Markt kommen wird, so sird mit Sicherheit starkem Wettbewerb von anderen medikamentösen Behandlungsformen stehen. Die geringere Effektivität könnte höchstens durch das bessere Nebenwirkungsprofill aufgehoben werden. Es wäre nicht schlecht, wenn sie Schuppenflechte fallen lassen würden, denn es lohnt sich einfach nicht.

Chartechnisch ist der Wert jetzt natürlich brandgefährlich, gerade weil der Umsatz so relativ klein ist.

[puhvogel]

Vasogen Announces Exercise of Underwriters` Option
TORONTO, May 24
Vasogen Inc. (TSE:VAS; AMEX:MEW) today announced that, pursuant to a firm commitment/bought deal offering, underwritten by a syndicate led by Research Capital Corporation for the issuance and sale of 3.5 million common shares at a price of $4.85 per share, the underwriters have exercised their option to purchase 1.65 million shares
at the same price, bringing the total gross proceeds of the offering to approximately $25 million.
A short form prospectus has been cleared with respect to the offering. Closing is scheduled to take place on or about May 28, 2002. The net proceeds of the offering together with current cash resources will be used to fund accelerated clinical development in congestive heart
failure, as well as the Company`s ongoing research and development programs and general operations. Projected cash resources on May 31, 2002, including proceeds from the offering, are estimated to be $52 million.

[puhvogel]

Wenn ich ehrlich bin, bin ich recht gespannt, wie die Ergebnisse ausfallen. Der vorletzte Satz ist aber etwas gewagt

Dow Jones Business News
Financing Provides Vasogen With "Autonomy" >VSV
Thursday July 3, 11:30 am ET
By Andy Georgiades, Of DOW JONES NEWSWIRES


TORONTO (Dow Jones)--A private placement by Vasogen Inc. not only boosts the company`s financial resources, but brings a new group of long-term shareholders into the Canadian biotech`s fold, its top executive said.


Earlier Thursday, Vasogen, a developer of immune modulation therapies, announced the completion of a $37.5 million private placement through the issuance of 9.375 million shares at $4 each.

David Elsley, Vasogen`s president and chief executive, said the deal was anchored by its U.S. marketing partner Quest Diagnostics Inc. (NYSE: DGX - News) , and led by WPG Farber Fund. The group of investors also includes AIG Global Investment, China Development Industrial Bank, George Weiss Associates, Knott Partners, among others.

"This provides the company with complete autonomy to complete its Phase III programs in the U.S. to support ultimate regulatory approvals in the U.S. as well as Europe," Elsley told Dow Jones.

He called the financing a unique opportunity for the company to support its ongoing pivotal trial programs in chronic heart failure and peripheral arterial disease. In addition, the funding will help the company advance a new program for neuro-inflammatory disorders in the area of dementia. The company is also in a stronger position when it comes to partnership negotiations for markets outside the U.S., which are ongoing, he said.

Elsley said Vasogen, which burns about $1.5 million a month, now has $54.8 million in cash. He said the pricing was at a level typical of U.S. deals.

He said the spate of biotech financings recently shows investors` appreciation for the progress biotechnology companies are making, as more advanced products near commercialization. And he thinks the environment will only get better from here.

"Biotech is proving itself to be the major developer of new technologies," he said. "There haven`t been any great blockbuster products coming out of the pharma industry of late, and I think the biotech industry is going to be the one to deliver the answers to a number of the major diseases" still facing the world.

In Toronto Thursday, the stock is up 32 Canadian cents, or 5.1%, to C$6.65 on about 102,300 shares.