Biogen Idex (BIIB) CEO Scangos Says New MS Treatment Will Bolster Offerings
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Biogen Idex (Nasdaq: BIIB) is moving higher early amid Jim Cramer speaking with CEO Dr. George Scangos late Tuesday night. Biogen presented at the 31st Annual J.P. Morgan Healthcare Conference on Monday.
Scangos said that Biogen's two multiple sclerosis (MSM) treatments were "doing very well" and the biotech expects BG12 -- its oral medication for MS -- to receive FDA approval as early as March. He also doesn't suspect that the oral treatment would cannibalize current offerings, as many patients have the disease under control and would be leery of switching. Overall, the three offerings treat three segments of patients.
On the recent announcement of a failure and cessation of development for its ALS drug, Scangos noted the Biogen had three successes and one failure last year and it remains committed to developing a new ALS drug.
Cramer agreed and reaffirmed his sentiment for Biogen. Shares are up 0.6 percent in early trading Wednesday.
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Scangos said that Biogen's two multiple sclerosis (MSM) treatments were "doing very well" and the biotech expects BG12 -- its oral medication for MS -- to receive FDA approval as early as March. He also doesn't suspect that the oral treatment would cannibalize current offerings, as many patients have the disease under control and would be leery of switching. Overall, the three offerings treat three segments of patients.
On the recent announcement of a failure and cessation of development for its ALS drug, Scangos noted the Biogen had three successes and one failure last year and it remains committed to developing a new ALS drug.
Cramer agreed and reaffirmed his sentiment for Biogen. Shares are up 0.6 percent in early trading Wednesday.
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