On the Line: Medicis Pharma CEO Jonah Shacknai
Medicis Pharmaceutical has created an anti-wrinkle drug that could be poised to break the monopoly held by Allergan’sBotox, and Cramer thinks it could be a game changer for the stock.
Speaking to Cramer by phone, Medicis CEO Jonah Shacknai said that his company’s new drug, called Reloxin, is the “first neurotoxin approved anywhere in the world” and the “frontrunner” in the anti-wrinkle space. He said he is hopeful that the FDA will approve the drug for use in about 10 months.
Medicis is also giving Allergan’s Juvaderm, another anti-wrinkle compound, a run for its money with its Restalyne product, according to Shacknai. He called Allergan a “good company” and a “good competitor,” but said Medicis is dominating the anti-wrinkle space.
Cramer said he would have expected Medicis' stock to perform better, but he remains compelled, even with it near a 52-week low. He recommended Homegamers take a look at MRX when the year-end tax law selling dies down. The anti-wrinkle story is still “intriguing” as baby boomers age, he said. It's also a good play on a slowing economy.
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