OSI Pharmaceuticals Inc. (NASDAQ: OSIP) is getting hit hard in early trading this morning. The biotech has released data showing that a Phase III trial of Genentech’s (NYSE: DNA) Avastin combined with Tarceva in certain patients with advanced non-small-cell lung cancer did not meet the primary endpoint of increasing overall survival compared with Tarceva plus placebo.
The study assessed cancer patients who had progressed after goingthrough platinum based chemotherapy treatments. One note that thecompany made was that it did show evidence of clinical activity and itsaw improvements in secondary endpoints of progression-free survivaland response rate when Avastin was added to Tarceva compared to Tarcevaalone.
OSI Pharma is getting slammed in the early morning trading on analready tough morning for stocks. Shares are down 13% at $39.77 onabout 6,500 shares. Its 52-week trading range is $32.10 to $53.71.
Jon C. Ogg
October 6, 2008