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ASCO drug conference opens Friday

Annual meeting on cancer treatments a premier medical event

By Val Brickates Kennedy, MarketWatch

Last Update: 4:16 PM ET Jun 1, 2006

BOSTON (MarketWatch) -- Cancer drug makers are gearing up for one of

the biggest market moving events of the year, the annual meeting of

the American Society of Clinical Oncology, or ASCO, where over 25,000

medical professionals will gather to get updated on the latest and

greatest oncology treatments.

Considered one of the premier medical events, ASCO provides a unique

opportunity for drug developers to roll out their latest clinical

results before the very people who drive their sales -- cancer

specialists. The meeting opens in Atlanta on Friday, June 2, and will

run through Tuesday, June 6.

Unlike past years, when ASCO news was dominated by such biotechnology

heavyweights as Genentech, old-line pharmaceutical firms are expected

to grab headlines this year, with Bristol-Myers Squibb's Sprycel and

GlaxoKline's Tykerb potentially creating the most buzz.

" All-in, we believe this year's ASCO is shaping up to highlight large

pharma's competitive threat to biotech in addition to the ever-present

biotech/biotech competition, " said W. Baird analyst

, in his brief note on the event.

Here's a round up of presentations Wall Street analysts will be

watching closely, especially from Big Pharma:

Bristol-Myers Squibb

In a highly unusual move, the FDA has decided to convene an advisory

panel at ASCO this year to review Bristol-Myers market application for

Sprycel, its much-anticipated therapy for CML, or chronic myelogenous

leukemia. While the agency is not bound to the recommendations of its

panel of experts, it generally follows them.

The FDA meeting is slated for June 2, with the agency expected to make

a final decision on the drug by June 28.

In general, analysts believe that the committee should give Sprycel

the thumbs up.

" Our physician experts believe a recommendation for Sprycel is highly

likely based on reasonable tolerability and excellent efficacy, " wrote

analysts at Cowen & Co. of the FDA meeting.

Also a potential market mover will be Bristol-Myers' June 3

presentation of additional Phase III data on Sprycel, also known as

dasatinib, for CML. The drug is initially being targeted for patients

with CML who don't respond well to Novartis AG's Gleevec, the current

standard treatment for the disease. In particular, the market will be

looking for data on how well Sprycel performs against high doses of

Gleevec.

On June 4, Bristol-Myers will be presenting Phase II data for another

one of its oncology products, MDX-010, for advanced melanoma.

According to Bank of America, Bristol-Myers is still trying to figure

out whether to pursue applying for approval of the drug in combination

with other cancer drugs or as a monotherapy. " We will also be closely

watching any side effect data from trials, particularly

immune-mediated events, " wrote the analysts.