In early 2003, ICOS Corp. announced it was selling off its interest in sitaxsentan after the experimental drug caused potentially serious side effects in a phase 2 clinical trial. This was during a period in which a few of ICOS’ potential candidates had fizzled, so some wondered if the company was giving up on the drug too soon.
The company ICOS sold out its interest to was its one-time partner in the drug, Texas Biotechnology.
Fast forward to last week. Texas Biotechnology is now known as Encysive. No matter what it’s called, however, that company’s stock melted down last Tuesday, thanks to news about sitaxsentan.
The FDA issued an “approvable” letter to Encysive, letting it know that it still has one concern left before it can approve the drug. This was actually the second time the drug, now given the brand name Thelin, has been held up by the FDA.
What’s the sticking point? Encysive won’t say, according to last week’s stories. Here’s the Houston Chronicle’s account, http://www.chron.com/disp/story.mpl/business/4072244.html, and here’s the story from Forbes, http://www.forbes.com/markets/emergingmarkets/2006/07/26/encysive-0726markets01.html, and here’s the Motley Fool’s take, http://www.fool.com/News/mft/2006/mft06072526.htm.
Here’s the story I wrote back in early 2003 when ICOS sold the drug, http://www.heraldnet.com/stories/03/2/1/16449718.CFM.
By the way, sitaxsentan is being tested as a drug to treat pulmonary arterial hypertension, a potentially fatal lung disease. ICOS thinks it still has a drug that will treat that in its arsenal: tadalafil, the active ingredient in Cialis, is being tested for just that purpose. In the 2003 story you’ll notice I refer to PAH as a “serious heart disorder.” What can I say? I was younger and dumber about this stuff when I wrote that.
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