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CIBC Keeps Millennium Pharmaceuticals Rating

CIBC World reiterates its market peform rating on Millennium Pharmaceuticals (MLNM).

Analyst Bret Holley says Millennium said MLN02 improved clinical remission rate in patients with mild to moderate ulcerative colitis (UC). This was the primary endpoint of the trial. He notes it also said MLN02 met all secondary efficacy and safety endpoints. He thinks this data suggests MLN02 has clinical activity in UC, and that Millennium and Genentech will soon decide how to proceed with the clinical development of MLN02.

With the recent approval of Velcade, and positive MLN02 results, Holley thinks Millennium is showing good pipeline progress. He sees a 97-cent 2003 loss, and a 72-cent 2004 loss.

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