A Closer Look At Eyetech's Macugen

FDA reviews Macugen, but will it be successful... Eyetech (EYET) has been the #1 performing IPO for 2004, up 62% since it's April issue. On Friday, August 27, it received what was generally interpreted as good news when an FDA advisory committee met to review the data on Macugen, its anti-angiogenesis drug for age-related macular degeneration (AMD). Eyetech rose over 10% on the news, and most analysts expect Macugen to be approved by the FDA and some expect the drug may eventually become a blockbuster. But Eyetech has since given back these gains, losing over 9% last week. The big question is why? Are the hurdles for Macugen larger than anticipated, had the market forgotten about the competition from QLT Inc.'s (QLTI) Visudyne, or are there other forces at work?

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