Published Date : 2012-06-22 09:00:00

Category : Health Care |

Celgene Withdraws Cancer Drug Application In EU

 

Celgene (NASDAQ:CELG) is opting out of applying for permission to expand the use of its blood cancer drug Revlimid following a series of questions EU drug officials asked about the medicine's links to other forms of cancer, The Wall Street Journal reports.

According to the news source, company president Robert J. Hugin said the company decided to withdraw the application after federal regulators said they wanted more up-to-date data on the medicine's risk-to-benefit ratio. The treatment is already approved in Europe and the U.S. to treat multiple myeloma, another prevalent form of blood cancer.

The company's stock sank on news of the withdrawal, falling 12 percent to $59.26. European regulators had already urged Celgene to advertise the medicine with a warning label that described the associated risks with taking the drug, saying tests showed it had a four-fold risk increase in the development of a number of other cancers.

It seems the setback is upsetting more than just the company's shareholders. In the last three months, company insiders have sold $162,070 in shares valued between $68.92 - $72.77 each, according to insider trading information.

Do you think now is a good time to follow their example and sell Celgene stock?

Read Full Insider Report For:   CELG  |

Related News:

Disclaimer

InsidersLab.com focuses on tracking and monitoring insider trading activities in the US stocks market. "Insider Trading" means trading activities created by company directors, senior officers, individual substantial shareholders, and institutional shareholders. InsidersLab.com does not represent, warrant, nor endorse the accuracy, reliability, completeness or timeliness of any of the information, content, views, opinions, recommendations or advertisements (collectively, the "Materials") contained on, distributed through, or linked, downloaded or accessed from any of the services contained on the website (the "Service"), nor the quality of any products, information or other materials displayed, purchased, or obtained by you as a result of an advertisement or any other information or offer in or in connection with the Service (the "Products"). InsidersLab.com collects insider trading information from different public sources such as newspapers, financial information websites, and government statistics publications. You hereby acknowledge that any reliance upon any Materials shall be at your sole risk. In particular, none of the Materials is provided on the InsidersLab.com website or emails with a view to inviting, inducing or encouraging any person to make any kind of investment decision. Securities or other investments referred to in the Materials may not be suitable for you and you should not make any kind of investment decision in relation to them without first obtaining independent investment advice from a person authorized to give it.