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Now there are over 1100 wrongfultermination lawsuits at Amgen. They all didnt fit.
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<p>[QUOTE="Anonymous, post: 2154049"]UPDATE: Amgen Must Stand Trial For Allegedly Inflating Stock</p><p> </p><p>February 06, 2008: 10:17 AM EST</p><p><br /></p><p><br /></p><p>DOW JONES NEWSWIRES </p><p><br /></p><p>A federal judge ruled Friday that Amgen Inc. (AMGN) must defend itself against charges it misled investors about safety concerns with its flagship anemia drug, Aranesp.</p><p><br /></p><p>U.S. District Court Judge Philip S. Gutierrez dismissed charges against five of nine Amgen officers and directors but left plaintiffs 30 days to amend their complaint in order to include those defendants.</p><p><br /></p><p>The investors, led by Connecticut Retirement Plans and Trust Funds, assert that positive statements made by company officials regarding the safety of Amgen's two anemia drugs, Aranesp and Epogen, were knowingly at odds with clinical studies that had raised concerns.</p><p><br /></p><p>The plaintiffs assert, according to court filings, that they unknowingly purchased artificially inflated shares, between April 2004 and May 2007. " Amgen's growth projections were unsustainable in light of the [sic] Amgen's unsustainable off-label sales and the safety profile" of anemia drugs in general, according to court filings summarizing plaintiffs' complaints.</p><p><br /></p><p>In one instance, during its fourth-quarter 2006 conference call, Amgen announced results of a clinical trial that tested Aranesp in 939 patients with anemia of cancer. The Food and Drug Administration, according to court filings, described the study as "demonstrat[ing]significantly shorter survival rate in cancer patients receiving [anemia drugs] as compared to thise [sic] receiving transfusion support."</p><p><br /></p><p>In describing the results of the study during the conference call, Roger Perlmutter, a defendant and executive vice president of research and development, said, "[W]e did not see a statistically significant adverse affect of Aranesp on overall mortality in this patient population, and so we conclude that the risk/benefit ratio for Aranesp in these extremely ill patients with anemia secondary to malignancy is, at best, neutral and perhaps negative."</p><p><br /></p><p>In 2001, the FDA approved Aranesp for the treatment of anemia associated with chronic renal failure, including patients on dialysis and those not on dialysis. In 2002, Amgen secured FDA approval to market Aranesp for the treatment of anemia associated with cancer chemotherapy.</p><p><br /></p><p>Amgen shares were recently at $46.50, up 19 cents.</p><p><br /></p><p>-By John Flowers, Dow Jones Newswires; 201-938-5964; <a href="mailto:john.flowers@dowjones.com">john.flowers@dowjones.com</a>[/QUOTE]</p><p><br /></p>
[QUOTE="Anonymous, post: 2154049"]UPDATE: Amgen Must Stand Trial For Allegedly Inflating Stock February 06, 2008: 10:17 AM EST DOW JONES NEWSWIRES A federal judge ruled Friday that Amgen Inc. (AMGN) must defend itself against charges it misled investors about safety concerns with its flagship anemia drug, Aranesp. U.S. District Court Judge Philip S. Gutierrez dismissed charges against five of nine Amgen officers and directors but left plaintiffs 30 days to amend their complaint in order to include those defendants. The investors, led by Connecticut Retirement Plans and Trust Funds, assert that positive statements made by company officials regarding the safety of Amgen's two anemia drugs, Aranesp and Epogen, were knowingly at odds with clinical studies that had raised concerns. The plaintiffs assert, according to court filings, that they unknowingly purchased artificially inflated shares, between April 2004 and May 2007. " Amgen's growth projections were unsustainable in light of the [sic] Amgen's unsustainable off-label sales and the safety profile" of anemia drugs in general, according to court filings summarizing plaintiffs' complaints. In one instance, during its fourth-quarter 2006 conference call, Amgen announced results of a clinical trial that tested Aranesp in 939 patients with anemia of cancer. The Food and Drug Administration, according to court filings, described the study as "demonstrat[ing]significantly shorter survival rate in cancer patients receiving [anemia drugs] as compared to thise [sic] receiving transfusion support." In describing the results of the study during the conference call, Roger Perlmutter, a defendant and executive vice president of research and development, said, "[W]e did not see a statistically significant adverse affect of Aranesp on overall mortality in this patient population, and so we conclude that the risk/benefit ratio for Aranesp in these extremely ill patients with anemia secondary to malignancy is, at best, neutral and perhaps negative." In 2001, the FDA approved Aranesp for the treatment of anemia associated with chronic renal failure, including patients on dialysis and those not on dialysis. In 2002, Amgen secured FDA approval to market Aranesp for the treatment of anemia associated with cancer chemotherapy. Amgen shares were recently at $46.50, up 19 cents. -By John Flowers, Dow Jones Newswires; 201-938-5964; [email]john.flowers@dowjones.com[/email][/QUOTE]
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Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
Amgen
>
Now there are over 1100 wrongfultermination lawsuits at Amgen. They all didnt fit.
>
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
Amgen
>
Now there are over 1100 wrongfultermination lawsuits at Amgen. They all didnt fit.
>