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Corixa Corporation (CRXA) Message Board

  • yajustgotaloveit yajustgotaloveit Apr 28, 2002 2:50 PM Flag

    Bashers here are ignorant, read:

    The first link is reference to recent knowledge that should already be known to the average investor and is listed in reference only, but read my entire post and ya shall lean something new!

    http://cbs.marketwatch.com/tools/quotes/newsarticle.asp?siteid=mktw&sid=44473&gu
    id=%7B3C7117BB%2D6EB8%2D4396%2DB543%2DD8279F5979EB%7D


    Under Monday's agreement with J&J, Seattle-based Corixa will receive license fees, research funding and other payments and royalties from future sales in exchange for granting J&J exclusive rights to use Corixa's breast cancer gene discoveries in nucleic acid diagnostic applications.

    No small wonder J+J involved itself with Corixa:

    Oncogene 2002 Mar 28;21(14):2270-82 Related Articles, Nucleotide, Books, LinkOut

    Discovery of differentially expressed genes in human breast cancer using subtracted cDNA libraries and cDNA microarrays.

    Jiang Y, Harlocker SL, Molesh DA, Dillon DC, Stolk JA, Houghton RL, Repasky EA, Badaro R, Reed SG, Xu J.

    Corixa Corporation, 1124 Columbia Street, Suite 200, Seattle, Washington, WA 98104, USA.

    Identifying novel and known genes that are differentially expressed in breast cancer has important implications in understanding the biology of breast tumorigenesis and developing new diagnostic and therapeutic agents. In this study we have combined two powerful technologies, PCR-based cDNA subtraction and cDNA microarray, as a high throughput methodology designed to identify cDNA clones that are breast tumor- and tissue-specific and are overexpressed in breast tumors. Approximately 2000 cDNA clones generated from the subtracted breast tumor library were arrayed on the microarray chips. The arrayed target cDNAs were then hybridized with 30 pairs of fluorescent-labeled cDNA probes generated from breast tumors and normal tissues to determine the tissue distribution and tumor specificity. cDNA clones showing overexpression in breast tumors by microarray were further analysed by DNA sequencing, GenBank and EST database searches, and quantitative real time PCR. We identified several known genes, including mammaglobin, cytokeratin 19, fibronectin, and hair-specific type II keratin, which have previously been shown to be overexpressed in breast tumors and may play an important role in the malignance of breast. We also discovered B726P which appears to be an isoform of NY-BR-1, a breast tissue-specific gene. Two additional clones discovered, B709P and GABA(A) receptor pi subunit, were not previously described for their overexpression profile in breast tumors. Thus, combining PCR-based cDNA subtraction and cDNA microarray allowed for an efficient way to identify and validate genes with elevated mRNA expression levels in breast cancer that may potentially be involved in breast cancer progression. These differentially expressed genes may be of potential utility as therapeutic and diagnostic targets for breast cancer. DOI: 10.1038/sj/onc/1205278

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    • I am not angry, but rather disappointed.Your post was wonderful as summing up the key issues.

    • Genedocteur sounds sort of angry at crxa. Not that I blame him, I was also a few weeks ago when I noticed the stock price augering into the ground and started analyzing the company. Now I'm not happy but have decided to move on as soon as possible and not look back. Five dollars/share is better than 50 cents/share.

      Whether the annual report is "misleading" or merely annual report puffery is a matter of semantics and opinion. The annual report of most companies is essentially an advertising document designed to make the company look as good as possible. Just part of the game.

      I've concluded for what it is worth that CRXA is shareholder unfriendly.
      1. The rosy view of the "pipeline" in the report didn't sit very well with me as I've already posted.
      2. They know and have known for years what the issues are with Bexxar. All significant fda communications are in writing and can run 10-`100 pages, going over applications line by line and patient by patient. What crxa hasn't done is bother to tell the owners what is going on.
      3. The equity line of financing. This is crappy, dilutive financing that will probably put the stock under pressure. If it is what I think it is, they pay some company to sell stock into the float at predetermined times and prices. This means that every time the stock shows signs of life, it gets knocked down by additional shares hitting the bid and ask. I like the way they tried to sneak it in, a SEC filing and a blurb in the Seattle newspaper, no press release.
      4. According to yagotaloveit's analyst cutandpaste there have been layoffs but I don't remember any being disclosed in a press release.
      5. No disclosure of a survival plan. I don't know if they even have one but at this point they should and maybe the owners (stockholders) might want to know.

      The SEC regulations require that all "material" information be disclosed to the shareholders. I'll leave it up to others as to whether some of the nondisclosed information is "material", this point at least looks arguable.

      For the above reasons I have them pegged as shareholder unfriendly. I won't invest in shareholder unfriendly companies, been there, done that and have gotten burned once too often.

      I also will make a general comment (not necessarily referring to crxa) that I won't invest in companies with secretive management or bad management. Bad management always seems to be able to trash good science. Only my analysis and opinions, be well.

    • Corixa statement that they have 16 products in clinical trials is VERY misleading.Where are their attormeys? These are not their products, but mostly old Ribi adjuvants in another companies products.Corixa needs to come clean on this and the status of Bexxar immediately.Can management tell the truth or does it even know the truth?

    • Raven:

      Thanks for taking the time to respond in detail. Corixa has no other potential product that can produce $100mm, or more, per annum besides Bexxar. All of the other products including Melacine and the adjuvants could produce, under a best case scenario, additional, substantial revunue which would add to Bexxar and make Corixa an interesting story. Look at the successful biotechs: Amgen, IDEC, Immunex, etc. They all have a milk cow-not 16 or 18 of them. Corixa needs an Enbrel, Epogen, or Rituxin in order to really emerge fromn the pack and escape the gravitational pull of bankruptcy permanently. That can only come from a successful launch of Bexxar. Keep your eye on the ball and ignore the wind up and arm waving.

    • Cancer Melacine sold in Canada, turned down by the fda (2 different phase 111's, melacine and melacine + IFN). Melacine was trialed and approved in Canada by Ribi before Corixa bought Ribi or about the same time at any rate.

      Enhanzym and biomiras theraptrope. Same comment, this is mostly BIOM's clinical trial.

      Her2/neu cancer vaccine phase 1 SK-Beechem. Not sure of the status of this one. I vaguely recall seeing some data that was distinctly unimpressive in a meeting abstract, not even sure if it was human or animal. At any rate this program is many, many years away from anything and highly risky even by drug development standards.

      Ribi 529 hepatitis Argentina? Never heard of it, Argentina is a small market and weird place to be doing a clinical trial.

      Frflyers comments. Don't underestimate a drug because it is an adjuvant. I didn't and don't, I got stuck in Corixa because I bought Ribi stock and CRXA bought Ribi. So far the score is one maybe clinical trial ongoing that Corixa is playing a major role, the HER2/neu vaccine. These 16 or 18 "drugs" in the "pipeline" resolve upon closer inspection to projects currently actively running in the clinic as ...........
      1. Corixa supplying Ribi adjuvants to a large number of licensees with projects ranging from unknown, stalled, ongoing, dead who knows really, probably some of each?
      2. Corixa bought a Melacine approval in Canada with Ribi and may have a phase 1 cancer vaccine project with SKB ongoing.

      The "broad Corixa pipeline" that you continually refer to seems to be mostly asleep at best. To state that because Corixa supplies Ribi adjuvants to its many licensees that then these are "Corixa clinical trials" strikes me as a loose and slanted-favorably-to-CRXA interpretation of who owns and has responsibility for what. Why not just state, "Corixa supplies Ribi adjuvants to its many licensees and will receive sales and royalty revenue on any approved products", more precise in my view. I state again, pipeline where is the pipeline? A related question, when is this pipeline going to generate revenue rather than consume revenue, looks like many years away. Only my analysis of the cutandpaste material, be well.

    • I still haven't received my annual report. Frflyer has posted what looks like cutandpaste from this document so I will assume such and make some comments. In a nutshell, Corixa's clinical programs mostly look halted. There seems to be some activity with the Ribi adjuvants (MPL) but these aren't really Corixa's clinical trials so much as they are the licensees of the adjuvants. It is better than nothing but Corixa will receive sales and royalties if and when these trials are done and receive regulatory approval, could be a long, long time.

      MPL Allergy Therapeutics phase 111 Europe. Last I heard Corixa was not called Allergy Therapeutics and Seattle was in the USA not Europe.

      MPL GSK herpes, hepatitis B. These phase 111 trials were finished YEARS AGO. No idea what is happening except what is happening is very slow.

      PVAC Phase 1/11 completed. I may have made a mistake here, I said PVAC was being trialed, apparently it is not.

      The Anergix series reported to have completed phase 11 trials. With no mention of ongoing phase 111 trials, one must regard these as either in hiatus, hibernation, or dead.

      The MPL adjuvants in "25 targets in all" herpes, hepatitis, hpv, rsv, malaria. Corixa supplies the adjuvants and should get a royalty but more precisely these are the clinical trials of the licensees.

      This post is getting too long. Consider it part 1 and I will finish with part 11. The score so far in clinical trials where Corixa is the dominant or lead investigator-instigator is ZERO ONGOING!!! This is my reading of frflyer's cutandpaste on Corixa's pipeline, be well

    • Re: your other stocks you listed, I feel LGND and AMLN, do not have any where near the risk/reward downside and here is why.

      AMLN is in "approvable" status for Symlin for both type 1 and type 2 Diabetes.

      LGND has FIVE FDA approved drugs, the last of which, Avenza, has the most profit potential. Lastly, LGND is looking to be positive EPS in either this next quarter or the following quarter, all imo of course.

      Robert

    • Corixa's pipeline

      Five clinical programs in autoimmune diseases

      " The Company has a broad range of technology platforms, which enable both integrated vaccine product design and the use of its separate proprietary technologies (antigens, monoclonal antibodies, adjuvants, antigen delivery technology and tumor activated peptide, or TAP, pro-drug technology) on a standalone, POWERED BY CORIXA basis.

      Autoimmune Disease

      "The Company has five clinical programs in various stages of clinical testing for a number of autoimmune diseases that are considered important targets for new disease therapy. These five programs are: MPL adjuvant, its vaccine adjuvant, is undergoing Phase III clinical testing in Europe for use in allergy vaccines that are marketed by Allergy Therapeutics and sold by Allergy Therapeutics on a named-patient basis in Germany. MPL adjuvant has completed Phase III clinical trials with GlaxoSmithKline (GSK) hepatitis and herpes vaccines. In both cases MPL adjuvant improved vaccine efficacy. PVAC treatment, an immunomodulator to potentially treat moderate to severe psoriasis, is licensed in Japan to Zenyaku Kgoyo and in the United States and Canada to Medicis and has completed a randomized, blinded and controlled Phase II clinical trial in the United States. ANERGIX.RA complex, a multihistocompatability complex (MHC)-class II molecule loaded with a collagen peptide for treating RA, is licensed worldwide to Organon and has completed a Phase I/II clinical trial. ANERGIX.MS complex, an MHC-class II molecule loaded with an MS-associated peptide for treating MS, has completed a Phase I/II clinical trial. ANERVAX.RA vaccine, a peptide vaccine for treating RA, has completed a Phase II clinical trial."

      Vaccines incorporating their MPL adjuvant completed or now in late stage clinical trials for herpes, hepatitis B, human papilloma virus, malaria and respiratory syncytial virus.- 25 different disease targets in all.

      Cancer: Three clinical programs in cancer(not counting Bexxar)
      Melacine vaccine for melanoma--approved in Canada and completed Phase 3 in US

      Enhanzyn adjuvant Phase 111 in breast cancer with Biomira's Theratrope

      Her-2/neu vaccine Phase 1 trials with Smith Kline Beecham for breast and ovarian cancer.

      Ribi-529 Phase 111 in Argentina for hepatitis B

      Don't underestimate a drug just because it's an adjuvant. If a drug like Theratrope is widely accepted, the adjuvant will bring in healthy revenue.

      Again, I invite you to show me a biotech with as broad a pipeline and as low a market cap as Corixa. I understand that these are mostly royalty deals with other companies drugs. The flip side is that a small company like Corixa couldn't possibly pay for all the clinical trials, marketing, etc of such a broad pipeline. It almost sounds like you want to punish them for being more prolific in their research results than their pocketbook can afford to pay for in development costs. This is a problem that many biotechs would envy.

      I don't recommend owning just one biotech. Obviously the risks are high in most. So spread the risk and the chance of hitting a home run by buying several. This is especially true with development stage companies with no product sales yet. There are many with promising pipelines and relatively low market caps. I currently own shares of Corixa, Vaxgen,Biomira and Cell Genesis. All three have very low market caps compared with their potential. Corixa, Vaxgen and Biomira are admitedly gambles, with high risk and potentially huge rewards if they pan out. I wouldn't put all my savings in any one of them.
      Other's with similar risk reward ratios, that I would like to buy are ONXX LGND GNTA ISIS TTP AMLN.

    • The fact that they claim to have this much in development with a year of cash is criminal. The company needs to focus and we deserve a management team that can do just that.

    • I don't see commentary on what is going on as bashing. What Corixa could do to make us all be really quiet would be to perform well and return us value on our investments. But for me, that's about 5 times today's price, so there's probably a little window where I can be disgruntled. As far as Corixa's pipeline goes, that may be their undoing. It's a blessing and a curse. They don't show they can focus on any one product and make it successful, let alone 16 or 18 or 5. The deeper their pipeline, the more likely they are scattered in too many directions and can't find the vital few. Unless, of course the vital few are the ones they've already screwed up on. Also, that many products all need people to research them and lab space and people to write protocols and accountants to keep track of it all and lawyers to file new paperwork and salespeople to promote them, which all adds up to a big chunk of what little cash Corixa has left going to long-term stuff with little or no chance of seeing the market, even on a best-case scenario. Corixa may be a better company if it actually had fewer products. It's like they're trying to hit all the bands on a target and some of the wall behind it instead of aiming for the bullseye. And in their case, they may be looking for a state of the art laser weapon because it's really fun to play with instead of keeping Dad's .22. Oh yeah, and the manager of the gun club is giving them arrows to shoot out of the laser because they don't get what the whole point is.

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