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Del.icio.usRegeneron Pharmaceuticals Inc. (Nasdaq: REGN) shares rose 8.4% to $59.65 after U.S. regulators had released a report saying its experimental treatment prevents a cause of vision loss. Volume for the stock registered 1.29 million, just outdistancing its all-day average of 1.24 million.
The Food and Drug Administration said the company’s drug, VEGF Trap-Eye, worked as well as Roche (RHHBY.PK)‘s Lucentis in treating an eye condition that is the leading cause of blindness in American seniors.’
On Friday, an outside panel of experts will vote on whether the drug should be approved. The FDA is not required to follow the group’s advice, though it often does.
Analysts have high expectations for Regeneron’s drug because it designed to be injected less frequently than Lucentis: once every two months, versus once a month.
Dr. Michael Aberman, Regeneron’s vice president of strategy and investor relations, was quoted in a Forbes article on June 15 as saying, “It’s a big deal for patients and caregivers if you can get less frequent injections in the eye. It’s a great advancement in quality of life and compliance.”
The FDA said studies of VEGF Trap-Eye showed it worked as well as Lucentis in maintaining patients’ vision after one year of treatment.
If approved, VEGF Trap-Eye will be the first drug to compete with Roche’s Lucentis, which posts sales of about $1.5 billion annually.
Founded on the principle that strong science would lead to important new medicines, according to the company website, the Tarrytown, New York-based Regeneron has become an integrated biopharmaceutical company that discovers, develops, and commercializes medicines for the treatment of serious medical conditions.
Tags: biotech, Biotech Stocks, buzz stocks, REGN