Results from Phase II trials indicate that this oral version has comparable effectiveness to Taxol, but does not have the side effects associated with prolonged infusions.

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At the time, some on Wall Street complained that he was passing up a potential shortcut to approval by not conducting midsized trials, or so-called phase-II trials (the second of three usual phases of trials).

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But now, most of the drugs from smaller biotechs that are in Phase II clinical trials have already been licensed or partnered with bigger drug developers.

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Tularik was so concerned about safety that in phase-II trials for liver cancer, it tried the drug at a lower dose than it otherwise might have.

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Biologics now account for half the products currently in Phase II and Phase III clinical trials.

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The excitement over Canadian-based YM and its presentation of data from phase I and II clinical trials at ASCO centers not only on its positive data on myelofibrosis but on indications its JAK inhibitors may also have applications in solid tumors, as well as inflammatory diseases, says Chrystyna Bedrij, biotech analyst at Griffin Securities.

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Palatin Technologies, in partnership with King Pharmaceuticals, is in middle-stage trials (Phase II of a total of three) to research another nasal-sprayed chemical, PT-141, which stimulates the hypothalamus' melanocortin receptors, which are responsible for hunger and may have a more potent arousal effect.

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While other pharmaceutical companies have paid large amounts of cash for biotech drugs that had nearly completed human testing, Roche (otc: RHHBY - news - people ) has been sticking mostly to those that are in the earliest (phase I) or middle (phase II) stages of clinical trials.

FORBES: Roche Goes For Early Stage Biotechs