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?
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