AMGEN DRUG FOUND EFFECTIVE FOR PSORIASIS ENBREL TRIALS TO FINISH IN '03.

Byline: Evan Pondel Staff Writer

THOUSAND OAKS - Biotechnology giant Amgen Inc. announced Friday the successful completion of a study in which rheumatoid arthritis drug Enbrel effectively treated psoriasis.

Symbolic of Amgen's further foray into dermatology, the study was a significant step toward gaining approval by the U.S. Food and Drug Administration to treat the skin-inflammation disease. Psoriasis affects about 7 million Americans.

``This is good news, though it is not really new news,'' said Jennifer Chao, analyst with RBC Capital Markets in New York. ``I would say that Amgen has been very quiet about this phase of its clinical studies for competitive reasons.''

That's because Enbrel is up against several other products to treat psoriasis. Cambridge, Mass.-based Biogen Inc. is expected to receive federal approval for its Amevive drug, which treats moderate to severe psoriasis. Despite an FDA advisory committee's recommendation to approve Amevive, there have been concerns that the drug might heighten the risk of infection in some patients.

Enbrel and Amevive differ in their dosing frequencies. Chao said Enbrel must be taken frequently, one or two doses a week. But patients might be able to receive a dose of Amevive that could last for seven months.

``Even though the dosing frequency of Amevive is significantly less than Enbrel, someone may prefer Enbrel's efficacy when compared with Amevive,'' Chao said.

Once both drugs are approved by the FDA, analysts say, Enbrel and Amevive will compete for a similar market share. Also posing competition are Johnson & Johnson's Remicade and Genentech's Raptiva.

Enbrel is among Thousand Oaks-based Amgen's flagship products that came along with its acquisition of Immunex. The FDA approved Amgen's Enbrel manufacturing facility in Rhode Island last month, eliminating potential shortages of the drug.

Enbrel's ``results are gratifying and advance our understanding of the drug as a potential future therapy for patients with this life-impacting disease (psoriasis),'' said Dr. Alice Gottlieb, professor of medicine at the Robert Wood Johnson Medical School, in a statement.

Rebecca Hamm, Amgen spokeswoman, expects clinical trials of Enbrel's psoriasis-fighting abilities to conclude by the year's end. Its approval could arrive as early as the first quarter of next year.

Chao said Enbrel is probably already being used off-label to treat psoriasis.

With Wall Street expressing optimism surrounding Enbrel's financial prospects, the company's already poised to do well in 2003.

Amgen Inc. issued an upbeat financial forecast last month, predicting strong sales and about a 24 percent growth in earnings per share.

Amgen shares rose 14 cents to close at $51.32 Friday on the Nasdaq market.