Markets & Finance

AG Edwards Starts Bioenvision at Buy

From Standard & Poor's Equity Research

AG Edwards started covering Bioenvision (BIVN) at buy, noting that clofarabine is at the beginning of a long lifecycle with potential to address a broad spectrum of cancers.

Analyst Aaron Reames says clofarabine is a second generation purine nucleoside analogue in development to treat adult and pediatric leukemias, lymphomas, and solid tumors. Reames says clofarabine is designed to combine most favorable properties of two of the most commonly used chemotherapies: fludarabine and cladribine. The analyst cautions that the company is only appropriate for speculative investors that can tolerate a high degree of risk, as Bioenvision is not expected to be profitable until 2008.

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