Genentech, Inc. stock jumped 25% yesterday — up to $55 a share — after its announcement that its well-hyped colon and rectal cancer drug can help lung cancer patients live longer lives. The drug can prolong a person’s life by over two months. “The National Cancer Institute, under an agreement with Genentech, sponsored the Avastin trial - testing the effect of the drug, combined with chemotherapy agents paclitaxel and carboplatin, on non-squamous, non-small cell lung cancer in 878 patients,” according to Newsday.
“These results represent the first study combining a targeted biologic therapy with chemotherapy to show an overall survival improvement in [that type of cancer], and the first time that any treatment has improved upon the standard, two-drug chemotherapy regimen in this disease,” said Dr. Hal Barron, Genentech senior vice president.
Genentech is a partner of Melville’s OSI Pharmaceuticals, whose lung cancer drug Tarceva has also been hailed as a breakthrough. But rather than hurting OSI, yesterday’s announcement sent its stock up 7.5 percent to $51.73.
Colin Goddard, OSI’s chief executive, said studies are already under way analyzing the effect of an Avastin and Tarceva combination on lung cancer.
“Obviously a big piece of the potential for both drugs comes from the hope and promise of combining Avastin and Tarceva together as a way of replacing chemotherapy,” Goddard said.
Patients treated with Avastin and chemotherapy had a median survival time of 12.5 months compared with 10.2 months for those who received only chemotherapy. Phase III clinical trials are ongoing.
Avastin has had its share of problems. In 2004, the Food and Drug Administration warned that an undisclosed number of people had died after using Avastin with a chemotherapy drug. The FDA also warned that Avastin could increase the risk of arterial blood clots, strokes, chest pain, heart attacks and mini-strokes.
Still, Sven Borho of Orbimed Partners, a Manhattan health-care fund management firm, said Avastin is on the road to being a blockbuster; sales could double, he said.
