Zacks Analyst Blog Highlights: Immunomedics, Human Genome, GlaxoSmithKline, CNOOC and Devon Energy - Press Releases

For Immediate Release

Chicago, IL – June 22, 2010 – Zacks.com Analyst Blog features: Immunomedics Inc. (IMMU), Human Genome (HGSI), GlaxoSmithKline plc (GSK), CNOOC Ltd. (CEO) and Devon Energy Corp (DVN).

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Here are highlights from Monday’s Analyst Blog:

Good News for Immunomedics Pipeline

Recently, Immunomedics Inc. (IMMU) and its Belgian partner UCB presented encouraging data from a mid-stage study of their lupus drug candidate epratuzumab at the European League Against Rheumatism (EULAR) meeting in Rome. The data revealed a significant reduction in disease activity in patients suffering from moderate to severe active systemic lupus erythematosus (SLE).

The 12-week study (n=74), known as EMBLEM, evaluated the safety and efficacy of epratuzumab, and also aimed to define a dose and regimen in SLE patients. The primary goal of the multicenter, randomized, placebo-controlled study was to measure the candidate's combined response index endpoint, including several indices of disease activity. The findings revealed statistical significance compared to placebo.

The responder rates were twice compared to placebo in both the 600 mg weekly group as well as the combined group of all the enrolled patients who were treated with a cumulative dose of 2,400 mg. Superiority was observed after 8 weeks of treatment with further improvement after 12 weeks.

Epratuzumab has been licensed to UCB for the SLE indication by the New-Jersey based, Immunomedics. UCB possesses the rights and is responsible for the development and commercialization of the candidate for all autoimmune disorders. The candidate, which is being evaluated for the treatment of non-Hodgkin’s lymphoma and autoimmune diseases including SLE and Sjögren’s Syndrome, has received fast track status for SLE treatment by the US Food and Drug Administration (FDA).

SLE, commonly known as lupus, is characterized by periods of flares or exacerbations, interspersed with periods of remission. According to data from the Lupus Foundation of America, approximately 1.5–2 million Americans are affected by lupus. Women form 90% of the affected population.

The market for SLE has a huge unmet need with Human Genome's (HGSI) Benlysta being the most eagerly awaited candidate in the space. Human Genome and partner GlaxoSmithKline plc (GSK) recently filed for both European as well as FDA approval of the drug. Benlysta, if approved, would be the first new lupus drug to be approved in 50 years.

CNOOC Gains Grip in South China Sea

China’s offshore giant CNOOC Ltd. (CEO) completed the acquisition of an additional 24.5% in a block in South China Sea from U.S. independent Devon Energy Corp (DVN) for $515 million ($370 million after tax). Block 15/34 is located in the Pearl River Mouth Basin of the South China Sea, roughly 200 kilometers south of Hong Kong, at a water depth of 100 meters. The deal was first agreed upon in late April.

Moreover, CNOOC has made a significant oil discovery in the Enping Trough of the Pearl River Mouth basin in the eastern part of the South China Sea with a considerable reserves base. Upon confirmation, this could be the largest discovery made in recent years in the shallow waters of the South China Sea.

The South China Sea is one of CNOOC’s major production areas in offshore China. We believe that the contribution from the South China Sea is crucial for CNOOC’s plan to double the domestic hydrocarbon supply by 2020. In addition to several domestic initiatives, international inventory of development projects will also aid the company to sustain its long-term growth.

We believe CNOOC’s underlying valuation will gain support on the back of its premium assets portfolio, excellent execution strategy and unique position as a pure oil player. Consequently, we maintain our Outperform recommendation.

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