Abgenix trial could spell trouble for ImClone

Abgenix's big success in the latest clinical trials for cancer drug, Panitumumab, could mean problems for its competitor, Erbitux by ImClone. Panitumumab appears to have an advantage over Erbitux. See previous biotech post for more on Abgenix trial.

More biotech

Disaster Recovery and Mitigation

. . . Offshore repair continues - Hornbeck Offshore Services (NYSE:HOS), which provides vessels for offshore repair services, saw record results in the third quarter. Third quarter revenues increased $13.6 million, or 41.3%, to $46.5 million compared to $32.9 million for the third quarter of 2004. Operating income was $16.8 million, or 36.1% of revenues, for the third quarter of 2005, compared to $9.2 million, or 28.0% of revenues, for the same quarter in 2004. The Company's record results continue to be driven primarily by the strong OSV (Offshore Vehicle) market conditions in the U.S. Gulf of Mexico. According to Todd Hornbeck, CEO, "These recent hurricanes that devastated the Gulf Coast region had a significant impact on offshore drilling and production facilities and resulted in offshore inspection, repair and construction activity that we believe may last two years or more."

More on Disaster Recovery stocks
More on Disaster

Biotech Stocks

. . . Gene mouthwash - Colgate-Palmolive took a major stake in Austin biotech company Introgen Therapeutics (Nasdaq: INGN) as part of a new partnership to develop and potentially market oral health care products. The partnership will pursue the development of special formulations of Introgen's gene therapies targeted at oral cancer and precancerous conditions of the mouth. The company is already in early stages of human testing of a mouthwash containing a tumor-suppressor gene. Colgate-Palmolive will have priority regarding products that might be developed through the partnership. Introgen focuses on the discovery, development and commercialization of molecular therapies for the treatment of cancer and other diseases.

. . . Colon Cancer drug exceeds expectations - Abgenix (NasdaqNM: ABGX), and its partner Amgen, had expected Panitumumab, the colon cancer drug they were developing, to slow the progression of the disease by 33%. It did a lot better than that. It slowed the progression of the disease by 46% in patients receiving the drug compared to those who didn't in a 463-patient experiment. The drug is produced by mice genetically engineered with human genes to make molecules that help prevent the cancer from growing in patients. Standard & Poor's Equity Research analyst Frank DiLorenzo upgraded Abgenix to "buy" from "hold" after news of the study was released.

More biotech