SAN FRANCISCO -- Michael Kranda, Immunex Corp.'s presidentand chief operating officer, told the Hambrecht & Quist 10thAnnual Life Sciences Conference on Monday that this year'searnings per share will be slightly below the Wall Streetanalysts' estimate, sending the stock down $2.25 to $62.50.
Street consensus is that the Seattle company (NASDAQ:IMNX)will earn about 82 cents per share, spokesman Jason Rubin toldBioWorld.
The market for the company's Leukine granulocytemacrophage colony stimulating factor and for CSFs in generalwill grow more modestly this year than last, Kranda said.
Immunex, which in February will report profits for 1991, willhave about $30 million to $35 million in product sales. Thecompany expects to remain profitable this year, with increasedsales and contract revenues.
R&D expenses are projected to grow to $45 million this yearfrom $30 million in 1991.
Kranda also said that Immunex plans to begin this year Phase Itrials of its soluble interleukin-1 receptor for rheumatoidarthritis, acute myelogenous leukemia, inflammatory boweldisease, graft-vs.-host disease and possibly septic shock. Thecompany will also begin clinical trials in midyear of tumornecrosis factor in septic shock and cachexia.
Summaries of some other company presentations follow:
Advanced Tissue Sciences (NASDAQ:ATISA): The La Jolla, Calif.,company will begin clinical trials this year of its Skin2 barrierfunction model for testing how pharmaceuticals pass throughthe skin and are metabolized. The company will also begintrials of DermaGraft for diabetic and decubitus ulcers and willbegin preclinical studies of its cartilage product.
Collagen Corp. (NASDAQ:CGEN): The Palo Alto, Calif., companysaid its international business will sustain the company thisyear as it rebuilds its North American business following thenegative publicity cosmetic collagen products received in 1991.The company said its expects regulatory action this quarter onits submission for marketing approval of its Contigen urinaryincontinence product.
ImmuLogic Pharmaceutical Corp. (NASDAQ:IMUL): TheCambridge, Mass., company plans to start Phase I trials of itsCatvax allergy therapeutic early this year and will beginpreclinical development of its ragweed and house miteproducts this year. The company also expects its 1989agreement with Merck & Co. Inc. to develop treatments forautoimmune diseases to be renewed for a fourth year.
Immune Response Corp. (NASDAQ:IMNR): The San Diegocompany plans to file for U.S. marketing approval of its killedvirus HIV therapeutic vaccine in 1993, based on data from itsPhase II/III trial using multiple surrogate markers, which willbe completed this year. To support an approval, the companyalso will begin a large clinical trial this year or next usingconventional end points.
Quadra Logic Technologies Inc. (NASDAQ:QLTIF): TheVancouver, British Columbia, company is nearing completion ofPhase III clinical trials of Photofrin, its light-activated anti-cancer drug, and will file by midyear for European andJapanese approval for several indications. The company alsosaid it plans a public offering this year.
SyStemix Inc. (NASDAQ:STMX): The Palo Alto, Calif., companyplans this year to begin pilot studies of human stem cells(HSCs) in bone marrow transplant patients and infusion ofmegakaryocytes in patients with depleted platelets. Thecompany will also begin a pilot study of its cell farm, whichinvolves expanding HSC populations in vitro for multiplereinfusions in cancer patients after each round ofchemotherapy. -- Karen Bernstein010792H&Q
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