The Street’s Adam Feuerstein Slams CTIC, Pixantrone Data
June 1, 2009 at 6:22 pm EST | Tags: ASCO, CEOs & Management, Clinical Trials, Conferences, Filings & Approvals, Scandals
Presented by cshlpress…
This is getting crazy!!! After releasing final data on Pixantrone’s EXTEND trial, The Street’s Adam Feuerstein slammed Jim Bianco, Cell Therapeutics (CTIC) and Pixantrone (Pix).
The data presented at ASCO showed that Pix had a statistically significant increase in PFS (p value=0.0074, HR=0.60) and overall response rate (p value = 0.003), but had a non-statistically significant difference in overall survival vs the comparator arm (p value=0.544, HR=0.88).
There were also more cardiac events with Pix (6/68 or 8.8%) vs the comparator arm (3/67 or 4.5%).
With this data, Feuerstein struck, and struck hard. Feuerstein slammed Bianco (or perhaps a compliment?), saying:
“I’m in awe of Jim Bianco, Cell Therapeutics’ CEO. Placing a halt on the trading of his stock just before 2 pm EDT in order to issue a press release on a pixantrone poster presentation at the American Society of Clinical Oncology (ASCO) annual meeting was a brilliant piece of gamesmanship.”
Feuerstein then went to work on Dan Eramian:
“The press release was no less a work of art, so hats off to Cell Therapeutics’ PR chieftain Dan Eramian. He managed to weave about 15% new data (some of not so positive) with 85% old news but still made pixantrone look like the most effective and least heart toxic chemotherapy drug ever invented.”
Feuerstein then asked about the missing cardiac data:
The “cardiac safety assessment” section of the pixantrone poster reveals that 64 patients in each of the pixantrone and comparator arms of the study had LVEF levels measured at the start of the study. But at the end of the study, the number of patients with LVEF measurements dropped to 28 patients in the pixantrone arm and 23 patients in the comparator arm…Where are all the missing patients for the cardiac safety assessment and why are they missing?”
Finally Feuerstein slammed the survival data:
“An analysis of survival favored pixantrone-treated patients, but the result was nowhere close to being statistically significant, with a p value of 0.54. Statistical significance requires a p value of 0.05…pixantrone is nothing more than a $50 million me-too cancer drug.”
Yikes. No doubt CTIC shareholders will be, or are, fuming, especially since no there was no mention of the statistically significant CR/PRs and the PFS (the former of which is the primary endpoint and the latter of which is typically used by investors to gauge a therapy’s benefit). Feuerstein will most definitely have a full email inbox tonight – this is getting good.
Thoughts?
Anonymous Tip? Comments? Contact us at: hr@iguanabio.com
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I simply cannot get the point about LVEF in Adam’s article. Makes no sense to me. Anybody can enlighten me please?
FURENSTEIN LA SENTI QUESTA VOCE????? ( IN ITALIAN))
VAI IN CULO DI QUELLE ZOCCOLONA DI TUA SORELLA!!!!
TESTA DE CAZZO!!!
PIXANTRONE IS NOT A ANTHRACYLINE!!! MR FEUERSTEIN I THINK YOU WERE SHORT WITH CTIC SORRY!!!!! YOU DON’T KNOW ANYTHING ABOUT IT!!!! PIX IS THE FUTURE SEE YOU AT 5$$$!!
COGLIONEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE.
sig Fuerstein sono medico di <<<<<<<<<<<<<Modena,lei ha scritto cose oscene,inesatte,orrende,non documentate sul pixantrone,a scopi non ben chiari,per danneggiar gli azionisti Cell.posso solo dire che dovrebbe pubblicamente chiedere scusa per il danno enorme inferto io conosco l’ematologia molto meglio di lei,lei non ne san ulla dr tintimer modena italia
sig Fuerstein ,lei ,senza conoscer nulla di ematologia,ha detto cose oscene,incredibili,dannose,orripilanti sul pixantrone,chieda scusa subito agli azionisti e si documenti dr tinti imer modena italia
Unfortunately the bashering in USA is not punished by jail. So Mr. Furtenstein can feel free to write anything he wants. Someone please explain him that money is not all in life…there’s also a CR/uCR in case of relapsed aggressive NHL that would be better in some cases..
I am the policeman with experience in insider trading. You mister Adam you has committed a punishable crime from the laws of the United States and international. Immediately corrects what you has written.
It is amazing to us at CTI how a self-proclaimed expert in biotech research, Adam Feuertsein can pass advice on to readers/clients regarding clinical trial results when that individual has neither a clinical background nor a medical degree. Second, and most importantly, the analyst didn’t even bother to attend ASCO and listen to the interested feedback from physicians and responses from the principal investigator on the PIX301 Extend trial. Had he done so he may have actually learned something about why these results are so important and as Dr. Ruth Pettengal noted, represent a breakthrough in the treatment of patients with relapsed aggressive NHL.
The presentation of the PIX301 results was among the most crowded, well attended sessions, underscoring the interest about the compound and the data. In the general oral session following the presentation, PIX301 was reviewed by an expert medical doctor appointed by ASCO to discuss the highlights of that session. The doctor began the session by noting that there are no approved agents for relapsed or refractory aggressive NHL, and that an overall response rate of 30% would be a success for this unmet medical need. He then went on to describe how pixantrone was rationally designed to remove the substitutions responsible for free radical generation, thus allowing anthracyclines to be re-introduced into a disease setting where, due to cardiac toxicity concerns, they are not typically used. The doctor focused on the high overall response rate, the duration of CR being almost twice as long as with standard chemotherapy and notably the overall lack of significant cardiac events despite the high degree of prior anthracycline exposure. He concluded that the promising results was the first randomized study to demonstrate high and durable rates of response in this unmet medical need.
It would be worthwhile to refer Mr. Feuerstein to your (Iguana Biotech’s) research notes and the information on the background incidence of cardiac events. That way rather than making assumption regarding missing numbers, he can be educated. Clearly the thought leader discussant and the PI were impressed with the data. Maybe, just maybe, they may know more than a political science major like Mr. Feuerstein—Cell Therapeutics
Meow!!!!
Now Ladies, let’s play nice.
And that there is a lesson on how you get owned. Great job by CTIC defending themselves.
Feuerstein has found a schtick that works for him, posing as the all-knowing, fearless commenter who takes no prisoners. It’s a pose, of course, but a profitable one no doubt. It’s all about stirring up controversy to maximize his web site hits to maximize his piecework pay.
The less attention paid to this self-promoting, grandstanding phony, the better. He’s just another media creature, nothing more. Companies will have to be alert to protect themselves from this kind of charade, because others are likely to copy it. It takes no technical knowledge, just ambition at the expense of others.
Thank you Cell Therapeutics for telling Mr. Fartstein the TRUE FACTS.. He is a known basher and stock manipulator and belongs in jail!!
Mr Feurstein is naive to believe the Company can make NASDAQ halt trading in its stock. Rather Marcket Watch reviews the information to be presented and determines in discussion with the Company the material non-public nature of the information then they, Market Watch, NOT the Company make a determination as to when and how long to halt trading. What else to expect from a political science major
If this is in fact the company responding, there needs to be a public refute of this “journalist’s” comments. A press release would do nicely.
We have a cheesebal who writes for our local paper who has become a bit of a joke. He has been known to: 1. Review an art opening by peaking through a window because he got there too late.
Reminds me of F-stein.
A Press releas of this response from CTIC is needed.
This Mr. Feurstein is a pathetic sole. Its interesting to see that he would would not even discuss the highlights of the trials: Significant Increase in Complete Remission Rates 20% vs. 5.7%; p=0.021 Significant Increase in Overall Response Rate 37.1% vs. 14.3%; p=0.003 Significant increase in percent of all patients whose response lasted greater than or equal to four months 25.7% vs. 8.6%; p=0.012 Significant Increase in Progression Free Survival 4.7 months vs. 2.6 months; p=0.007 Positive trend in Overall Survival even though data not fully mature with median 8.1 month vs. 6.9 month; p=0.544 I guess those points are not important. I guess its Mr. Feurstein’s world and we just live it it. Unreal.
Dummies…. CTIC did not write that reply.
Yes, it is best to leave the interpretation of scientific data to the experts, Adam. While your intentions may be honest, I dont’s see you critical of other data in the scientific community to the same degree. You appear to be taking on CTIC personally which is not good.
Why would you not consult with a doctor or expert (professional) in the area before being critical, pending your intentions are pure?
Pending CTIC is correct in their interpretation of the data this will make you and the street.com look foolish.
Al
Below is a copy of an email I sent directly to CIT. I guess I wasn’t alone in this since they did respond shortly after I sent this. I am pleased that fellow investors will not be duped by such underhanded, self-serving, and blatant shenanigans.
Though I was truly pleased with the sharp and concise rebuttal from CTI on your site, I only wish they would blast a full-force PR stunt that would allow for the masses to see their stance, just as thestreet.com did to them. But then again, CTI seems to be able to hold their heads high without needing to roll around in the mud and maybe that’s why I have more respect for them as a company. Like Bianco said… the data (true data) speaks for itself.
—– Forwarded Message —– From: ____________@comcast.net To: invest@ctiseattle.com Sent: Monday, June 1, 2009 4:39:33 PM GMT -07:00 US/Canada Mountain Subject: ASCO Data and Media Misrepresentation
Hello-
I am a happy, long-term investor in your company and believe in your research greatly. The news released today post-stock halting was informative and exciting. The surge in stock price greatly reflected this. However, once again, I feel that CTI is being misrepresented in the media by Thestreet.com and their “information” seems to be scaring investors who are new to the stock. I have been holding since CTI’s lowest lows and intend to hold indefinitely, well as long as your drugs are FDA approved.
I think the blatant misrepresentation in the media is overshadowing Pixantrone’s stellar results and borders on slander. Honestly, I think a clarification needs to be made post-ASCO, confirming the minimal detrimental effects on cardiac health in regards to the use of Pixantrone, if that really is the case. It is sad to have to battle the media, but so much effort has gone into research and the progress is being diminished by hack writers.
Please address this issue, directly if possible, before investors scurry off into the night.
Sincerely, Melissa O.
bet they did… see for yourself..
if one god esist, he know. patients save and feurstein in jail. ARRIVISTA E LADRO, PILOTATO SENZA COGLIONI.
Hey Jim Cramer! If your company “thestreet.com” employed individuals that performed D.D. in reporting actual facts of events (unlike Adam Feuerstein) you might have beat estimates last quarter. Many investors have caught on to his personal vendetta. You need to cut ties with this phony if you want to re-establish some sort of integrity with investors.
Could not agree more on what Brian just said above as I do think Mr. Adam does have a sersious personal issue with CTIC that affects he ability to provide valuable information for investors. I demand corrective action again Mr. Adam asap.