Like the action today. seems like we should have seen more tankage given the overall market destruction the past 2 days... so I went long 1500 shares at 11.15
we'll see tomorrow.
g
had loaded more at 10.42, then sold it all at 10.81 for a 200$ loss...
now long again at 10.17 for a bounce
g
This looks ready for a STEPS reversal soon, I went ahead and nibbled today at 9.75.
News out today, Shering putting more money into NOVC, NOVC up 13% now to $10.80. ;D
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Agreement for Asentar
SOUTH SAN FRANCISCO, CA -- (MARKET WIRE) -- 07/11/07 --
Novacea, Inc. (NASDAQ: NOVC), today announced that it has received $60
million from Schering-Plough Corporation (NYSE: SGP) under the terms of the
previously announced worldwide development and commercialization agreement for
Asentar(TM) (DN-101). The payment from the closing of this transaction follows
the early terminationby the United States Federal Trade Commission of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Under the terms of the development and commercialization agreement,
Novaceareceived an upfront payment of $60 million, including $35 million as
reimbursement for past research and development expenses and a license fee of
$25 million. In addition, pursuant to a related stock purchase agreement,
Schering-Plough purchased $12 million of Novacea common stock. The development
and commercialization agreement provides Novacea with potential pre-commercial
milestone payments of up to $380 million, and royalties on worldwide sales of
Asentar based on tiered royalty percentage rates.
Schering-Plough also will be responsible for all forward development costs in
exploring indications for earlier stages of prostate cancer, such as
androgen-dependent prostate cancer and adjuvant therapy and will lead all
global commercialization efforts for Asentar. Novacea will provide
medicalsupport to Schering-Plough's commercial operations for Asentar in the
United States, including deployment of their Medical Science Liaisons, which
will be funded by Schering-Plough.
About Asentar
Asentar is currently being developed as an oral treatment in combination with
Taxotere(R)(docetaxel) for the treatment of AIPC. Prostate cancer is the second
leading cause of cancer death in men with approximately 232,000 new cases and
30,000 deaths in the U.S. in 2005. AIPC is an advanced disease state of
prostate cancer. Based on results of Novacea's completed Phase 2 clinical
trial, known as ASCENT, the use of weekly Asentar in combination with weekly
Taxotere may provide AIPC patients with an innovative cancer therapy that may
prolong survival with the potential in reducing some of the toxicities and
complications normally associated with chemotherapy. Novacea is now evaluating
the benefits of Asentar in a 900-patient Phase 3 trial, known as ASCENT-2,
which uses overall survival as the primary endpoint and compares weekly Asentar
plus Taxotere to the current standard of care in the treatment of AIPC.
About Novacea
Novacea, Inc. is a biopharmaceutical company focused on in-licensing,
developing and commercializing novel cancer therapies. Novacea has two novel
oncology product candidates in clinical trials. Asentar(TM), which is partnered
with Schering-Plough Corporation, currently is in a Phase 3 clinical trial for
androgen-independent prostate cancer (AIPC). Novacea's second product
candidate, AQ4N, is a hypoxia-activated prodrug that is currently in a Phase
1b/2a clinical trial in glioblastoma multiforme. More information on any of
Novacea's trials can be found at www.ClinicalTrials.gov.
Note: Except for the historical information contained herein, the matters set
forth in this press release, including statements as to financial guidance,
development, clinical studies, regulatory review and approval, and
commercialization of products, are forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements speak only as of the date the
statements are made and are based on information available at the time those
statements are made and/or management's good faith belief as of that time with
respect to future events. You should not put undue reliance on any
forward-looking statements. Important factors that could cause actual
performance and results to differ materially from the forward-looking
statements we make include: early stage of development; the focus, conduct,
enrollment and timing of our clinical trials; regulatory review and approval of
product candidates; commercialization of products; developments relating to our
licensing and collaboration agreements; market acceptance of products; funding
requirements; intellectual property protection for our product candidates;
competing products and other risks detailed from time to time under the heading
"Risk Factors" in our most recent Quarterly Report on Form 10-Q or Annual
Report on Form 10-K, as may be updated from time to time by our future filings
under the Securities Exchange Act. If one or more of these risks or
uncertainties materialize, or if any underlying assumptions prove incorrect,
our actual performance or results may vary materially from any future
performance or results expressed or implied by these forward-looking
statements. We assume no obligation to update forward-looking statements to
reflect actual performance or results, changes in assumptions or changes in
other factors affecting forward-looking information, except to the extent
required by applicable securities laws.
Novacea is a registered trademark of Novacea, Inc., and Asentar is a
trademark of Novacea, Inc. All other trademarks are property of their
respective owners.
Media: Paul Laland 650-228-1811
[email protected] Investors: Nina Ferrari
415.264.8796
[email protected] (END) Dow Jones Newswires
07-11-07 0832ET
08:32 071107