Celltech 'drives pipeline hard'
06 February 1997 00:00 [Source: ICB]
Celltech, the UK-based biotech company, says it will look to develop lower-risk products following the failure two weeks ago of its most promising pipeline drug, Norasept (ECN 26 May).
The company, regarded as one of the strongest in the UK biotechnology field, saw its share price halve on news of the failed Phase III results. The announcement that it would concentrate on lower-risk drugs allowed its share price to recover a little, finishing £0.03 up at £3.37 ($5.05).
Celltech said it will now 'drive the pipeline hard' in a bid to recover investor confidence, pushing in particular a treatment for Crohn's Disease. The company also said there was promising progress in trials of a drug used in the treatment of acute myeloid leukaemia, a product being developed in conjunction with American Home Products of the US.
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