Re: Fw: IAEA Daily Press Review No. 54 - Monday, 19 March 2001

["Otto G. Raabe" <ograabe@UCDAVIS.EDU>]

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Novoste Shares Tumble After Study Sees No Effect in DeNovo Catheter Trial



03-19-01  10:36 AM EST   by Shaheen Pasha  | Dow Jones Newswires



NEW YORK -- It was a bad start to a new week for Novoste Corp. 



The company's shares almost halved at the opening bell after Novoste

reported that results from its three-year long Beta-Cath trial didn't show

a clinical benefit for using the Beta-Cath radiation catheter to prevent

restenosis in blood vessels being treated for a blockage for the first time. 



While the treatment has been shown to be highly effective in treating

restenosis - reblockage of an artery - in patients who underwent radiation

therapy in addition to an angioplasty, investors were disappointed that it

was ineffective in first-time patients. 



And they made their disappointment clear by rapidly selling off shares of

the company, sending the stock price to a new 52-week low of $13 before the

shares recovered somewhat. 



"Investors were hoping that the trial would show applications beyond

(treating instent restenosis) for De Nova lesions," said Glenn Reicen,

managing director of Morgan Stanley Dean Witter. "The trial results limit

the size of the company's opportunity." 



But Mr. Reicen was quick to point out that the study was hardly a disaster.

He said Novoste addresses 25% to 30% of the angioplasty market, which is

about a $900 million market opportunity. 



An added usage for the treatment would have increased Novoste's market but

the trial wasn't going to put a dent in the company's otherwise strong

market presence. 



"Given the fact that the company is carving out a good niche, I think

today's stock price is a bit of an overreaction," Mr. Reicen said. 



In late-morning trading on the Nasdaq Stock Market, shares of Novoste

(NOVT) plunged $14.06, or 48%, to $15.06 on volume of more than 4.4 million

shares. Average daily volume is 388,223 shares. 



etc............................

                       

 -By Shaheen Pasha, Dow Jones Newswires; 201-938-2312;

 shaheen.pasha@dowjones.com 



                  

   Copyright 2000 Dow Jones & Co., Inc.

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Prof. Otto G. Raabe, Ph.D., CHP

Institute of Toxicology & Environmental Health

(Street Address: Bldg. 3792, Old Davis Road) 

University of California, Davis, CA 95616

E-Mail: ograabe@ucdavis.edu

Phone: (530) 752-7754   FAX: (530) 758-6140

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