Genzyme, Isis Cholesterol Drug Meets Goal In Late Study

   DOW JONES NEWSWIRES 
 

Genzyme Corp. (GENZ) and Isis Pharmaceuticals Inc. (ISIS) said its mipomersen drug cut so-called bad cholesterol levels by 25% in a late-stage study of patients who have a rare genetic disorder.

But Isis shares fell 12% premarket to $13.65 as Genzyme said its initial application for marketing approval likely won't come until the second half of 2010. Genzyme was off 38 cents at $59.01.

Genzye and Isis reached a licensing and development agreement on the drug last summer, paying Isis at least $325 million.

Mipomersen treats a disorder in which so-called bad cholesterol cannot properly metabolized, raising the risk of cardiovascular disease. The study found those receiving the drug saw bad-cholestoral levels fall 25% after six months, compared with 3% for those taking a placebo.

"We are very encouraged by these robust data and the emerging profile of the drug," said Genzyme Chief Medical Officer Richard A. Moscicki. "With these results, we remain on-track with our development plan for mipomersen."

The drug has potential to change the standard of care for patients with the disorder, whose life expectancies are limited due to the disease's severity, according to John J.P. Kastelein, chairman of the Department of Vascular Medicine at the Academic Medical Centre Amsterdam. He added that current treatments fail to sufficiently help.

-By Tess Stynes, Dow Jones Newswires; 201-938-2473; [e-mail]