Traders Eying Arena (ARNA) Closely ahead of June PDUFA
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Traders are watching some interesting action in Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today. Shares are bucking the market downdraft and trading 3 percent higher on volume that is on pace to more than double the norm.
On May 10th, an FDA panel voted to back obesity drug Lorcaserin. The PDUFA date for the lorcaserin New Drug Application resubmission is June 27, 2012. This is ahead of rival Vivus, Inc. (NASDAQ: VVUS), which had its PDUFA date extended to July 17th for its Qnexa, which was also backed by a FDA panel.
Many expected that Arena's PDUFA date would also be delayed, but at this point there is no indication that this will be the case. If Arena's Lorcaserin can beat Vivus' Qnexa to the market it would be seen as a major boon.
Even if Arena's Lorcaserin beats Qnexa to the market, if both are approved, some still see Qnexa as having the upper hand. Leerink Swann's Steve Yoo recently commented that Qnexa will still be the "obesity therapy of choice." He calls Qnexa the most effective and said patients taking lorcaserin will be required to undergo an echocardiogram every six months to a year.
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On May 10th, an FDA panel voted to back obesity drug Lorcaserin. The PDUFA date for the lorcaserin New Drug Application resubmission is June 27, 2012. This is ahead of rival Vivus, Inc. (NASDAQ: VVUS), which had its PDUFA date extended to July 17th for its Qnexa, which was also backed by a FDA panel.
Many expected that Arena's PDUFA date would also be delayed, but at this point there is no indication that this will be the case. If Arena's Lorcaserin can beat Vivus' Qnexa to the market it would be seen as a major boon.
Even if Arena's Lorcaserin beats Qnexa to the market, if both are approved, some still see Qnexa as having the upper hand. Leerink Swann's Steve Yoo recently commented that Qnexa will still be the "obesity therapy of choice." He calls Qnexa the most effective and said patients taking lorcaserin will be required to undergo an echocardiogram every six months to a year.
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