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SQUIBB NEUROVUE NDA FILING TARGETED FOR FIRST QUARTER, 1989

Executive Summary

SQUIBB NEUROVUE NDA FILING TARGETED FOR FIRST QUARTER, 1989, Squibb reported at a securities analysts meeting Nov. 10 in Princeton, N.J. The brain imaging agent is being studied for detecting signs of dementia and mood disorders, as well as other cerebral imaging uses. Neurovue will compete against Medi-Physics' Spectamine, which was launched earlier this year, Amersham's Ceretec, now pending at FDA (see related story), and DuPont's Neurolite, which is still in clinicals. Nuerovue will complement Squibb's growing line of imaging agents, which is led by Isovue, a nonionic contrast medium. Squibb is predicting Isovue sales in 1988 will top $150 mil. Approved in December 1985, Isovue has grown into Squibb's second largest product behind Capoten. Isovue sales have climbed steeply since the product's first full year on the market in 1986, when it generated sales of $43 mil. Last year, Isovue sales more than doubled to $105 mil. For the first nine months of this year, Isovue generated sales of $113 mil. Isovue's importance to the company is highlighted in a recent Squibb publication, which points out the product's linchpin role in a broad, cross-category agreement with a managed care operation. Squibb noted that the 90-hospital Premier Hospitals Alliance recently approached the firm for a bid on contrast media. Squibb responded by offering two multi-year agreements: a five-year contrast media agreement "worth $6-8 mil." in the first year; and a three-year agreement on multiple source items. Squibb maintains that it did not cut its Isovue price to keep Premier's business. However, the managed care group benefits from savings on the multisource products and an associated bonus program based on volume. In addition, Squibb has several other imaging agents nearing the end of the pipeline. An NDA for the radiopharmaceutical Cardiotec (formerly SQ 30,217) will be submitted before year-end, Squibb predicted. The company has tested the product for use in myocardial infarction and ischemia. Squibb is also developing a gadolinium compound, SQ 30,626, for use with magnetic resonance (MRI) imaging. An NDA for that product is expected to be filed in 1991, Squibb told the analysts.
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