Key Developments For Supergen Inc
Supergen Inc (SUPG.O) (Consolidated Issue listed on NASDAQ Global Market)
SuperGen Inc. Raises FY 2009 Earnings Guidance
SuperGen Inc. raised fiscal 2009 guidance for net income to be in a range from $1.7 to $2.2 million, compared with prior guidance of a net loss in a range from $3.0 to $4.5 million.
SuperGen Inc. And GlaxoSmithKline plc To Collaborate On Discovery And Development of Novel Epigenetic Therapeutics
SuperGen Inc. and GlaxoSmithKline plc have entered into a multi-year collaboration to discover and develop cancer therapeutics based on epigenetic targets. Epigenetics refers to the regulation of genes with mechanisms other than changes to the underlying DNA sequence. Epigenetic processes are widely believed to play a central role in the development and progression of almost all cancers. Under the terms of the deal, SuperGen will progress candidate compounds through to early clinical proof of concept. GlaxoSmithKline will then have the right to exercise an option to develop further and commercialize resulting products on a global basis. In connection with the transaction, SuperGen will receive $5 million upfront, inclusive of a $3 million common stock investment, priced at a premium to market. Total potential development and commercialization payable to SuperGen could exceed $375 million, in addition to the potential for tiered royalties into double digit magnitudes, payable on net sales of any resulting products.
SuperGen Inc. Issues FY 2009 Revenue Guidance Above Analysts' Estimates; Reaffirms FY 2009 Earnings Guidance-Conference Call
SuperGen Inc. announced that for fiscal 2009, it expects revenues in the $40 million plus range and net loss of $3.0 million to $4.5 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $37 million for fiscal 2009.
SuperGen Inc. Announces Preliminary Results From Phase Ib Data Of MP-470
SuperGen Inc. announced the preliminary results from Phase Ib data of MP-470. The Phase I dose titration study enrolled four patients with SCLC and nine patients with NE as of February 28, 2009. As measured by the Response Evaluation Criteria in Solid Tumors (RECIST), five of thirteen patients achieved a confirmed partial response and two additional patients demonstrated stable disease greater than twelve weeks for an overall clinical benefit rate of 7/13 patients or 54% (95% CI, 25% - 81%). The primary objectives were to estimate the maximum tolerated dose (MTD) in combination with SOC regimens, as well as define safety profiles of specific MP-470 combinations. Secondary objectives included estimating the therapeutic response rate (RECIST), and defining the effect of MP-470 on the pharmacokinetic profile of SOC. MP-470 is administered in combination with SOC regimens in a 21-day cycle. Adults with ECOG PS of 0-2 and malignant disease appropriate for the SOC regimens consisting of carboplatin/paclitaxel, carboplatin/etoposide, topotecan, docetaxel, and erlotinib were enrolled. Each arm follows a 3+3 design in which MP-470 is escalated based on the modified Fibonacci sequence until the MTDs and dose limiting toxicities (DLTs) in combination with SOC are determined. MP-470 doses were started at 100 mg orally once per day. The MTDs and DLTs have not been reached.
SuperGen Inc. Raises FY 2009 Earnings Guidance
SuperGen Inc. announced that for fiscal 2009, it is further reducing net loss from its prior guidance and is now expecting it to be in a range from $3.0 million to $4.5 million. According to Reuters Estimates, analysts were expecting the Company to report net profit of $(10.2) million for fiscal 2009.
