Prostate Cancer Drug Xofigo Makes Solid U.S. Debut
Prostate Cancer Drug Xofigo Makes Solid U.S. Debut
OSLO (Reuters) Aug 28 - Norway's Algeta ASA, which has developed a prostate cancer drug with Germany's Bayer AG, said the treatment had made a solid start in the United States and hoped for European approval later this year.
Xofigo (radium-223 dichloride) is designed to target bone metastases from prostate cancer that cannot be treated by standard hormone therapy. One dose of Xofigo costs $11,500 dollars and one full treatment includes six doses.
Algeta - whose shares have risen 30% since the drug called Xofigo won U.S. approval on May 15 - developed the drug, while Bayer has taken care of the application process. Revenue and costs will be shared 50/50 in the U.S. market.
"So far so good, the launch is on track", Chief Executive Officer Andrew Kay told a news conference on Wednesday.
The drug is produced in Norway before being sent to the United States, where Algeta has set up 320 sites from which to market it.
U.S. sales of Xofigo, which started around June 15, totalled $600,000 in the last two weeks of June, Chief Financial Officer Oystein Soug said.
Algeta declined to give revenue guidance for the drug but previously said Xofigo has the potential to be a blockbuster, which would mean sales of $1 billion a year.
Bayer filed for European Union approval for Xofigo in December and Algeta hopes to have the outcome of that process in the next few months.
Xofigo competes with prostate cancer drugs like Dendreon Corp's Provenge, Medivation Inc's Xtandi and Johnson & Johnson's Zytiga.
OSLO (Reuters) Aug 28 - Norway's Algeta ASA, which has developed a prostate cancer drug with Germany's Bayer AG, said the treatment had made a solid start in the United States and hoped for European approval later this year.
Xofigo (radium-223 dichloride) is designed to target bone metastases from prostate cancer that cannot be treated by standard hormone therapy. One dose of Xofigo costs $11,500 dollars and one full treatment includes six doses.
Algeta - whose shares have risen 30% since the drug called Xofigo won U.S. approval on May 15 - developed the drug, while Bayer has taken care of the application process. Revenue and costs will be shared 50/50 in the U.S. market.
"So far so good, the launch is on track", Chief Executive Officer Andrew Kay told a news conference on Wednesday.
The drug is produced in Norway before being sent to the United States, where Algeta has set up 320 sites from which to market it.
U.S. sales of Xofigo, which started around June 15, totalled $600,000 in the last two weeks of June, Chief Financial Officer Oystein Soug said.
Algeta declined to give revenue guidance for the drug but previously said Xofigo has the potential to be a blockbuster, which would mean sales of $1 billion a year.
Bayer filed for European Union approval for Xofigo in December and Algeta hopes to have the outcome of that process in the next few months.
Xofigo competes with prostate cancer drugs like Dendreon Corp's Provenge, Medivation Inc's Xtandi and Johnson & Johnson's Zytiga.
