Genentech to unveil more on key cancer drug

NEW YORK (CNNMoney.com) -- Genentech will unveil new details this weekend on tests of Avastin, one of its biggest-selling medicines, as it seeks to find new markets for the cancer drug.

Genentech (up $1.51 to $89.04, Charts), the oldest biotech in the world, will reveal the data in a study that combined Avastin, which totaled $1.7 billion in 2006 sales, with different types of chemotherapy to treat various forms of cancer.

The No. 2 biotechnology company announced last year that the study was successful but didn't go into detail. Genentech said that on Sunday it will announce the data from the study, combining Avastin with Roche (up $0.85 to $95.34, Charts)'s chemotherapy Xeloda for the treatment of colorectal cancer. The study prolonged the survival of patients without the spread of cancer, according to Genentech.

Avastin is already approved by the Food and Drug Administration for use as a colorectal cancer treatment with two types of chemotherapy. Xeloda, if approved by the FDA for use with Avastin, would be the third type of chemo.

"We are planning to share the results with the FDA and discuss next steps," said Kristina Becker, spokeswoman for Genentech, when asked if the study results would lead to additional Avastin sales.

In addition to colorectal cancer, Avastin is FDA-approved for the treatment of patients with lung cancer.

Genentech is trying to get Avastin approved by the FDA for the treatment of additional forms of cancer, and is preparing submissions to the agency for breast and renal cancer.

Genentech announced last year that one of its late-stage studies was unsuccessful. A study combining Avastin to Gemzar, a drug from Eli Lilly & Co., (down $0.04 to $53.00, Charts) did not extend the survival of patients with advanced pancreatic cancer, the biotech said.

"The trial was not stopped for safety reasons; it was stopped because it did not meet the endpoint," said Becker.

On Saturday, Genentech will reveal the data behind the Avastin-Gemzar study. The studies will be announced at the American Society for Clinical Oncology's gastrointestinal cancer symposium in Orlando, Fla.

Genentech's top seller is Rituxan, a treatment for non-Hodgkin's lymphoma with more than $2 billion in 2006 sales.

Genentech is the world's second biggest biotech in terms of sales, behind the industry leader Amgen (up $0.41 to $74.10, Charts). Both companies are based in California.

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