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Exelixis Stays The Course Under New Leadership of Michael Morrissey

This article was originally published in The Pink Sheet Daily

Executive Summary

As the R&D chief transitions to CEO, he sees no huge strategic shifts for Exelixis, though it "has had a tough six months."

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Earnings In Brief

Acorda's Ampyra sales best Wall Street expectations: The firm reported $29.7 million worth of Ampyra has shipped to its network of specialty pharmacies, which is how Acorda books sales, during its first full quarter of sales. FDA approved Ampyra (dalfampridine) in January to improve walking ability in multiple sclerosis patients, and Acorda launched it in March. In its second-quarter earnings call, Acorda said 4,200 doctors have now prescribed the drug. Ampyra's strength helped Acorda beat analyst estimates handily, posting a loss of 18 cents rather than the expected 46 cents. The firm's sales totaled $43.4 million, which also included $13.7 million in gross sales of anti-spasticity drug Zanaflex. The company is looking to in-license a development-stage neurology drug by the end of 2010. A Phase I trial for a remyelination agent, expected to begin this summer, has been delayed due to a vial-filling issue

Earnings In Brief

Acorda's Ampyra sales best Wall Street expectations: The firm reported $29.7 million worth of Ampyra has shipped to its network of specialty pharmacies, which is how Acorda books sales, during its first full quarter of sales. FDA approved Ampyra (dalfampridine) in January to improve walking ability in multiple sclerosis patients, and Acorda launched it in March. In its second-quarter earnings call, Acorda said 4,200 doctors have now prescribed the drug. Ampyra's strength helped Acorda beat analyst estimates handily, posting a loss of 18 cents rather than the expected 46 cents. The firm's sales totaled $43.4 million, which also included $13.7 million in gross sales of anti-spasticity drug Zanaflex. The company is looking to in-license a development-stage neurology drug by the end of 2010. A Phase I trial for a remyelination agent, expected to begin this summer, has been delayed due to a vial-filling issue

Biogen Makes Counterintuitive Move To Tap Exelixis’s George Scangos As CEO

After a day of rumors, leadership changes leave both Biogen Idec and Exelixis with new chief executives as the high-profile companies face major questions about their futures.

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