As Amylin (AMLN) markets its 3 million share registered direct offering, the company will face the hurdle of persuading investors to pony up cash just before the company unveils pivotal data. AMLN hopes to present Phase III data in the fourth quarter from two, six-month European and Canadian studies of pramlintide to treat Types I and II diabetes.

The impending data event could place investors in wait-and-see mode, recalling that the shares fell 51 percent to $7.25 last August on complex data from the first two Phase III trials of pramlintide (see BioCentury, Aug. 18, 1997). While the data were significant for the subgroup of patients that match the enrollment and treatment criteria of the four ongoing trials intended for product registration, the compound's full impact was masked by decreased insulin use in the treatment groups.