Millennium CEO very optimistic on Velcade growth

By Lisa Baertlein

NEW YORK (Reuters) - Millennium Pharmaceuticals Inc MLNM.O Chief Executive Deborah Dunsire on Thursday said the company is upbeat on 2008 growth prospects for its Velcade cancer drug as it eyes approval as a first-line treatment for multiple myeloma.

"We're very optimistic that we'll get very good growth in 2008," Dunsire said at the Reuters Health Summit in New York.

The company had previously forecast 2007 Velcade sales growth of 20 percent.

Velcade is currently approved to treat multiple myeloma in patients who have failed at least one prior therapy. It is also approved as a treatment for mantle cell lymphoma, a rare but aggressive form of non-Hodgkin's lymphoma.

The company and partner Johnson & Johnson (JNJ.N: Quote, Profile, Research, Stock Buzz) plan to seek approvals for front-line multiple myeloma treatment by the end of 2007. If approved, adoption could begin as early as the middle of next year, she said.

"That's the next key growth driver," she said, adding that newly diagnosed patients account for half of the myeloma patient population.

Should Millennium win regulatory approval in mid-2008, the company would come to market as a first-line treatment for multiple myeloma before rival Celgene Corp's (CELG.O: Quote, Profile, Research, Stock Buzz) Revlimid.

Millennium believes Velcade has potential to deliver blockbuster-level sales of well above $1 billion in its current uses. The company's plans to expand in multiple myeloma and non-Hodgkin's lymphoma should drive sales even higher.  Continued...