Elan, Wyeth: Response to Skeptics on Alzheimer's Data
Elan (ELN) and Wyeth (WYE) presented their phase II data on June 17th with bapineuzumab in Alzheimer’s Disease.
In brief, the data showed that out of the 240 patients in the trial, those who had no apoE4 had statistical improvement compared to those who did. The skeptics made their case, to which I reply:
- The prospective analysis failed. The success was with retrospective analysis. My response to that is that in phase II studies where there are sometimes too many variables, often variables that are not known or identified when the study originated, it is not unusual to undertake retrospective analysis to identify positive trends. And in this case, it was more than a trend – it was statistically significant. Keep in mind that this was a phase II study – not a pivotal phase III study, where the analysis would have to be prospectively defined. I hope Elan/Wyeth made appropriate changes to their Phase III study and statistical analysis plan [SAP] to reflect this.
- There was no mention of dose response. Fair enough - but that does not mean there was no dose response. Absence of affirmation does not mean affirmation of absence. While a dose response is scientifically appealing, take a look at it practically. If the drug worked at a dose, and there was no effect whatever with smaller doses, would you refuse to take the effective dose if you had AD?
- The sample size was small. Of course it was – it was a phase II study. On the flip side – maybe it is impressive that there was statistical significance even with such a small sample size?
- If you data-mine enough, you will find something statistically significant. Not entirely true – having data mined through many studies, I can state with confidence that there are some truly negative studies. More importantly, if the data mining finds something significant that is scientifically reasonable, should it not be given some importance and explored in a prospective, controlled, larger study? Many drugs, including Viagra, came out of such exercises.
- It only worked on patients with ‘milder’ disease. Even if true, does that imply those with mild disease should not be treated? Should they be allowed to progress to severe disease?
- It worked in only a small subset of patients (approximately 40%). I would not call 40% small, and 40% of tens of millions (just in the US) is still a large number.
The details of the study will be presented on Tuesday, July 29, during an afternoon session at the ICAD meeting in Chicago. Let the data speak for itself.
Disclosures: None
Get Seeking Alpha Free Stock Alerts by Email!
Get Free Stock Alerts by Email!
Loading...
Symbols:
ETFs In Focus
sponsored by:
-
Editor's Picks
-
Most Popular
- Opportunity in Emerging Markets Amidst This Panic
- iPhone Sales Drastically Surpass Q4 Consensus; Apple Reaches 10m Goal
- Buy, Sell or Hold: BofA Will Strengthen as the Weak Perish
- How Much Will a Wells-Wachovia Deal Cost Taxpayers?
- Fannie and Freddie Did Not Cause This Crisis
- 36 Opportunities for the Beginning of the Bull
- Full list of Editor's Picks »
- Iceland: When Too Big to Fail Becomes Too Big to Rescue »
- Who Is Now Number One in the Banking Industry? »
- 25 Cash Cows to Ride Out the Storm- Barron's »
- 36 Opportunities for the Beginning of the Bull »
- Bailout Bill Passes; What Happens Now? »
- 3 Stocks That Are Begging To Be Bought »
- Citi Examines Its Carrots and Sticks »
- Five Energy Companies That Spell Opportunity »
- Thrown Overboard - Fast Money Recap (10/3/08) »
- Now's the Time to Buy Bank Stocks »
- Big Tech Prepares for Big Layoffs »
-
Long Ideas
-
Short Ideas
-
Cramer's Picks
- Gilat Take Two: Anteing Up Again
- Opportunity in Emerging Markets Amidst This Panic
- A Stock the Average Joe Can Understand: The St. Joe Co.
- Accumulating Value Stocks: Good Any Time
- Are Puts the Best Way to Play UST and Anheuser-Busch?
- 10 Foreign Pink Sheet Traded 'Blue Chips'
- Buy, Sell or Hold: BofA Will Strengthen as the Weak Perish
- GE Looks Very Attractive Here
- Concentrated Solar Power & the New ITC: Big Winners of the Bailout Package
- Two Exciting Brazilian Oil Stocks
- Full list of Long Ideas »
- Gaming Stocks Still a Poor Bet - Barron's
- After Coming Rate Cuts, Some Appealing Short ETFs
- M/I Homes: Common Share Price Perplexing
- Trading ERO This Week
- Talk Me Down From the Wells Fargo Ledge
- SKF Regaining Its Old Form?
- Continuing Haircut in DST's Investment Portfolio
- Fortis and Bradford and Bingley Banks Thrown Lifelines
- The Short Case on KBH Homes
- International Game Technology: Good Short Opportunity
- Full list of Short Ideas »
- Musical Chairs - Cramer's Mad Money (10/3/08)
- Not Much to Recommend - Cramer's Lightning Round (10/3/08)
- Imminent Rate Cut? - Cramer's Stop Trading! (10/3/08)
- American Express to the Sell Block - Cramer's Mad Money (10/2/08)
- Buy Rarely; Sell Repeatedly - Cramer's Lightning Round (10/2/08)
- Any Kind of Return - Cramer's Stop Trading! (10/2/08)
- Throw Everything At It - Cramer's Mad Money (10/1/08)
- No Buy Recommendations - Cramer's Lightning Round (10/1/08)
- Another Buffet Buy - Cramer's Stop Trading! (10/1/08)
- Speculation Can Be Fun - Cramer's Mad Money Recap (9/30/08)
- Full list of Cramers Picks »
Trading Center
Hedge Fund Jobs
Job Seekers: Search jobs by category, get job alerts by email or live feed, apply online See full list of jobs »
Employers: See all recruitment options, get applications online or by email Post a job »



This article has 4 comments:
What was the point of releasing news, which was leaked prior to public disclosure, and we have presentation in July? I think this pure and simple market manipulation by KM.
Will see where ELN after presentation
- Elan and Wyeth did NOT reveal Ph II clinical data. Note PhII trials have too few patients to judge. Since, supposedly, the results were positive just for 40%-patients taking the drug subgroup, it means that less than 50 patients were in this subgroup.
- Phase III trial results are 2-3 years away
- Alzheimer’s Disease parameters are very difficult to measure/compare
Consequently, let us be patient before we see the data and results