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OSI Pharmaceuticals, Inc. (NASDAQ:OSIP)announced that SATURN, a pivotal Phase III study of Tarceva (erlotinib), met a key secondary endpoint of extending overall survival in patients with advanced non-small cell lung cancer (NSCLC) who received Tarceva immediately after initial chemotherapy. A statistically significant improvement in overall survival was seen in this pre-planned final analysis of the total patient population. The new data will be presented during the 13th World Conference on Lung Cancer to be held July 31 to August 4, 2009 in San Francisco. Treating patients immediately following first-line chemotherapy versus waiting for the cancer to grow or spread before giving additional treatment represents a new approach in advanced NSCLC.
After touching an intraday high of $31.19 in an opening trade, the Stock is currently trading at $30.89 moved up about 9% on over 2.15 million shares. In the last 52-week, the stock has been trading within a range of $27.01-$53.71.
About OSI Pharmaceuticals, Inc.
OSI Pharmaceuticals, Inc. (OSI) is a biotechnology company primarily focused on the discovery, development and commercialization of molecular targeted therapies addressing unmet medical needs in oncology, diabetes and obesity. The Company's primary focus is oncology and its flagship product is Tarceva (erlotinib), a small molecule inhibitor of the epidermal growth factor receptor (EGFR). OSI also has research and development programs in diabetes and obesity, which are conducted through Prosidion Limited, the Company's United Kingdom subsidiary. Roche Holding Ltd. and OSI announced that Tarceva (erlotinib) has been approved in Japan for the treatment of patients with nonresectable, recurrent and advanced non-small cell lung cancer (NSCLC), which is aggravated following chemotherapy. In December 2008, the Company acquired from 7TM Pharma A/S, a number of early stage research assets and a G-Protein coupled receptor (GPCR), technology platform.
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