Boston, MA 04/08/2014 (wallstreetpr) – Alkermes Plc (NASDAQ:ALKS), a $5.93 billion drug company, announced that its experimental drug intended for treatment of schizophrenia, met late-stage study goal with solid results. The company stated that the drug was able to significantly reduce severity of schizophrenia symptoms among the selected patients in which it was tried against a placebo.
The success of Alkermes Plc (NASDAQ:ALKS) in its drug trial comes when another drug company based in Australia announced its failure in mid-stage trial of treatment for Alzheimer’s disease. Prana Biotechnology announced that its Phase II trials for the development of a therapy for Alzheimer’s condition failed. Alzheimer’s is another mental illness which shares some similarities with schizophrenia.
Although Alzheimer’s condition affects more than 5 million people in the U.S. alone and many more around the world, the disease currently lacks cure, save for a few drugs which are currently being offered to mitigate the symptoms. Many drug companies, including big pharmas, have faced setbacks in their efforts to develop treatment for Alzheimer’s disease.
Commercialization of the drug
Following the successful Phase III study of Alkermes Plc (NASDAQ:ALKS)’s schizophrenia experimental drug, the company announced that what it is planning to equest for marketing approval. The company said that it will submit its marketing approval request to the U.S. Food and Drug Administration later in the year, around the third quarter.
According to the company’s CEO Richard Pops, the drug has the potential of becoming a blockbuster after successfully crossing the trial finish line. The company plans to hire about 150 to its sales team dedicated to the marketing of the drug. But that will happen after the drug receives FDA node for commercialization.
Competitive market
Although Alkermes Plc (NASDAQ:ALKS) is feeling energized with the study results of its experimental drug, the company must be ready to face market competition against other providers such as Lundbeck and Otsuka. Nonetheless, Mr. Pops believes having several providers in the market doesn’t come as a disadvantage. He observed that more entrants in the market will eventually create more awareness; which of course, should mean that the difference between the winner and the loser will depend on whose drug is offering the best solution and who is running more effective marketing system.
Wait and see
There is no doubt that with such amount of trial success, Alkermes Plc (NASDAQ:ALKS) is hoping to bring to the market a drug that has solid study backing. But as to whether the company makes the most out of the drug will depend on what FDA thinks and how well the company can run its marketing campaigns.
