Pharmas Market with Mike Huckman

Remember The Alamo Embargo

I've never been to San Antonio. I've heard great things about it, especially the downtown and the river that runs through it, but haven't been able to check it out yet.

Every year, though, there's a big scientific conference held there called the San Antonio Breast Cancer Symposium. Think of it as kind of a mini-ASCO that's specifically for breast cancer developments.

This morning, SABCS apparently held a news conference where it featured test results on Nexavar from Bayer and Onyx Pharmaceuticals . A short time later, I got an analyst note in my inbox saying that Bloomberg was moving a story with the data, even though the analyst didn't expect all the details to come out until researchers formally present the results in a scientific session at 4:30 p.m. ET today.

The stock appears to be moving on the report that shows patients lived longer without the cancer getting worse.

But according to an Onyx spokesperson, SABCS won't allow the company to issue a press release on the data until the formal presentation this afternoon data seven-and-a-half hours after the news conference where the information went public.

Okay, wait a sec. You hold a press conference on site with reporters, who are then free to write about and disseminate the information, but you won't let the company involved say anything about it to reporters who don't happen to actually be there?

That makes absolutely no sense. I've fought this battle or a similar one with other scientific organizations before and, on one occasion, it's actually gotten me kicked out of the building. Seriously.

If that's how things are gonna go, maybe I'll finally have to make that trip to San Antonio to make sure I don't miss anything at next year's conference.

Update: Onyx Pharmaceuticals ended up waiting until 4:45 p.m. ET, after the actual data presentation at SABCS, to put out its press release on information that was publicly released this morning and had already moved the stock during regular trading.

Questions?  Comments? and follow me on Twitter at mhuckman