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Brachytherapy grew rapidly in the late 1990s, and may have unseated external beam radiation (XBR) as
the second most popular treatment for prostate cancer. Recently it has come under attack by surgeons who
perform radical prostatectomy (RP), a procedure that accounts for an estimated 60% to 70% of all treatments for
this disease (excluding hormone therapy). GARP believes that criticisms of "implant-only" brachytherapy
are valid. However, GARP is tremendously impressed by the inroads that simultaneous implant/conformal
beam radiation therapy is making. In fact, we believe that this improved technique is significant enough that it
will unseat RP as the gold standard in treatment for prostate cancer. The transition will not be devoid of bumps
in the road. First of all, the number of implant-only brachytherapy procedures could fall faster than
simultaneous irradiation could pick up the slack. Secondly, it is quite likely that palladium-103 implants, which account for40% of all seeds sold, could completely lose favor with brachytherapists who would then use iodine-125isotopes. In this in-depth report, GARP describes the background and dynamics of trends in prostate
cancer treatment and how these trends may create market opportunity for iodine-125 seed
manufacturers.
The history of modern prostate cancer treatment is best seen through its principal protagonists. GARP
would like to commend several doctors who have been pioneers in the field. These include Dr. Walsh in the area
of surgery, Drs. Ragde & Blasko in brachytherapy, and Dr. Critz in the area of
combination brachytherapy external radiation therapy. GARP believes that the findings of Dr. Critz are receiving
significant recognition and could extend to have a major impact upon his peers and the radioisotope seed
business.
Dr. Patrick Walsh, Chairman of the Brady Urological Institute at Johns Hopkins, is the acknowledged giant
in the field of urologic oncology. RP has been performed for decades, but took a major leap forward in 1982.
In that year, Dr. Walsh discovered that the nerves controlling erections do not pass through the prostate.
Two years later he perfected what is now known as nerve-sparing RP. Today, nearly all RP operations are
nerve sparing. US News & World Report has recognized his clinic as the #1 of its kind for over a decade. Dr.
Walsh is eager to uphold its reputation and publishes statistics that rank among the world's highest success rates for
RP operations.
| "..in 1998,Dr. Ragde published additional data that showed a dramatic fall-off
in PSA-monitored cancer freedom in their patients that had received
brachytherapy 10 years earlier." |
|
In the late 1990s, Drs. Ragde & Blasko of the Northwest Tumor Institute published
studies that helped elevate brachytherapy from the status of a forgotten and failed technique
formerly championed by Dr. Whitmore of Sloan-Kettering in the 1970s. By the early 1990s, their
use of computer software and transrectal ultrasound made uniform distribution of
seeds containing radioactive isotopes possible. Putting a radioactive source directly into
the prostate gland delivers higher dosages to cells within the prostate than external
beam radiation can. This means that brachytherapy could potentially kill all the cells of
the prostate, a necessary action since radical prostatectomy studies demonstrate that
prostate cancer is a "multifocal" disease with an average of seven separate tumors within the
gland. Brachytherapy's early success, mostly realized at the expense of external beam
radiation, created much excitement. It began to be compared with surgery by some doctors, the
media, and patients, especially in the wake of encouraging 7-year data published by Ragde &
Blasko in 1997. Unfortunately, this probably got overdone. Post-treatment PSA is the most
sensitive test of cancer freedom for either surgery or radiotherapy, and in 1998, Dr. Ragde
published additional data that showed a dramatic fall-off in PSA-monitored cancer freedom in
their patients that had received brachytherapy 10 years earlier.
Meanwhile, Dr. Frank Critz of the Radiotherapy Clinics of Georgia has quietly
assembled enviable 10-year and 15-year track records using brachytherapy followed by conformal (shaped to the
prostate) beam radiation. This belt-and-suspenders approach, dubbed ProstRcision, appears to be nuclear equivalent
of RP.
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Most importantly, his findings have been peer-reviewed and published in major journals. GARP believes
that the Internet may play a key role in disseminating the results of Dr. Critz to the public as well as to his peers.
He clearly states complex ideas in layman's terms. A tour de force of his views is presented
in www.prostrcision.com/pages/faq.html, which is on his clinic's web site. Additionally, he has
become recognized as a leading authority on the topic within his profession. In May 1999 at its annual meeting
in Dallas, the Society for Urologic Oncology of the American Urological Association (AUA) sponsored
a "structured debate" featuring Dr. Critz, Dr. Walsh, and Dr. D'Amico, who represented brachytherapy,
surgery, and external radiation respectively. Notably absent was an advocate of implant-only
therapy.
Clearly the most important finding of this debate was the analysis by Dr. Critz of the PSA nadir (the
lowest PSA achieved after treatment) needed after irradiation for men to be cured of prostate cancer. Several years
ago Dr. Critz showed that the post-treatment PSA nadir goal after radiotherapy for prostate cancer was, at
a maximum, 0.5 ng/ml, and that men must achieve this goal to be cured. Because it can take several years for
the PSA to fall to its lowest levels, at the 1999 Dallas AUA meeting Dr. Critz analyzed men treated
with simultaneous irradiation via the transperineal implant technique with minimum 5 year follow-up. This
analysis with modern techniques, allowing time to achieve ultimate nadir, demonstrated that for men to be cured
of prostate cancer they must achieve and maintain an undetectable PSA nadir, less than or equal to 0.2 ng/ml.
| "...
because all previously published curerates by radiation oncologists will have to
be recalculated, you will probably see a dramatic fallen claims for cure by
radiation, further widening the gulf between the their results and those of
Doctors Critz and Walsh.." |
|
Dr. Critz's discovery that the PSA nadir goal after radiotherapy is achievement
and maintenance of PSA 0.2 ng/ml may revolutionize prostate cancer treatment for two
reasons. First, because there is as yet no agreed-upon standard for analysis of radiotherapy results,
a "Tower of Babel" has arisen in the reporting of radiation results. Currently, all
other radiation oncologists in the U.S. calculate cure rates either with detectable PSA nadir
levels, which can range between 1.0 and 4.0 ng/ml, or with the "ASTRO committee"
definition. This committee of ASTRO, the national radiation oncology organization, has
recommended that cancer freedom be calculated using 3 consecutive rises of PSA, with no specific
nadir goal ever required. Dr. Critz showed at the AUA meeting that these definitions
artificially inflate radiation cure rates. Because the current Tower of Babel approach favors
radiation by confusing doctors and patients alike, adoption of a universal standard would show
results for what they really are. Thus, because all previously published cure rates by
radiation oncologists will have to be recalculated, you will probably see a dramatic fall in claims
for cure by radiation, further widening the gulf between the their results and those of
Doctors Critz and Walsh. That is why many radiation oncologists are reluctant to embrace
Dr. Critz's definition. Secondly, calculating cure rates for radiation based upon men
who achieve and maintain PSA nadir 0.2 ng/ml is the identical definition used by Dr. Walsh
to calculate cure rated after radical prostatectomy. Thus, for the first time ever, cure
rates between surgery and radiation can be compared with an identical PSA definition of
disease freedom: "apples to apples."
|
Dr. Critz's involvement with brachytherapy began in the late 1970s. He quickly
surmised that the techniques of that era were crude and likely to be ineffective. Although he
mastered the old style, retropubic method (one hand inserts seeds through an abdominal incision, another feels
for placement through the rectum) he understood that all of the prostate's tissue would not get irradiated due
to uneven spacing, and cancer cells outside the prostate due to microscopic capsular penetration would not
be treated by seeds alone. By 1984, he had defined his innovative approach of combining external beam
radiation after seed implantation, a unique process of simultaneous irradiation, and he began to enroll the first
patients that are now in his 15-year data. Most radiation oncologists reverse Critz's sequence, administering 5 weeks
of external beam radiation (XBR) prior to brachytherapy, and then only in high-risk patients. Critz believes
this pre-implant "softening" with XBR adds little value since it separates the external beam irradiation from
the implant, producing sequential doses rather than simultaneous exposure. Because Iodine-125 has a 60-day
half-
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life, by performing the I-125 seed implant first followed three weeks later by 6-7 weeks of conformal
beam irradiation, the cancer is irradiated simultaneously from two sources. Simultaneous irradiation intensifies
the radiation dose through a synergistic effect on both cancerous and normal prostate
cells.
The surge of popularity of implant-only brachytherapy in the late 1990s may be linked to its promotion as
a treatment that is as effective as surgery but spares the side effects of impotence and incontinence. GARP
is aware of many reports from well-known brokerage firms that took this stance. However, this is a
rather simplistic view. While brachytherapy definitely has fewer side effects than RP, one must understand that this
is because it is a technique that is generally limited to within the confines of the prostate gland. However,
surgical findings show that 50% of newly diagnosed men with early stage prostate cancer go on to discover that
their cancer has spread outside the prostate capsule into surrounding tissues. In a few cases, these men could
be cured through surgery since the possibility of excising areas outside the prostate exists, and external
beam radiation could be used as a follow-up. This does not guarantee survival, and it almost always leads
to incontinence and impotence. Even if a surgeon removes tissue near the prostate, frequently a few cancer
cells have escaped beyond this zone like dandelion seeds in the wind. Given the choice of ineffective local
treatment with seeds alone, it has unquestionably still been better to choose to live with pads and without sex than to
be dry and die. GARP believes that many investors in shares of the ragenics turned a blind eye to this
fundamental difference between RP and seed implant. This may explain why that company's valuation became
quite effervescent in 1997 and early 1998, accelerated by the thrill generated when Drs. Ragde & Blasko
published their very encouraging 7-year results. Incidentally, these cure rates were not calculated by PSA nadir 0.2 ng/ml
but were calculated with higher nadir levels, which added to the good results.
Ragde and Blasko's 10-year data, recently published by Dr. Ragde in late 1998, pricked this bubble
of excitement. Instead of achieving a "plateau" of success (e.g. stability in the number of cancer-free patients overtime), between 7 and 10 years after treatment patients increasingly exhibit rising PSA levels. Specifically,
their series' PSA monitored cancer freedom fell from 79% to 55% in that short 3 year span. The 55% cure
rate reported by Dr. Ragde 10 years after treatment was calculated with PSA nadir 0.2 ng/ml and included
men treated with not only with seed implant alone but also men treated with sequential external beam
irradiation followed by seeds. The 10-year cure rate with ultrasound transperineal 1-125 implant only was less than 50%.It is particularly notable that all three debaters at the 1999 AUA annual meeting (Critz, Walsh, &
D'Amico) took issue with the efficacy of implant-only brachytherapy.
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| "Critz believes that "coldspots" develop between
implant seeds... After implantation the prostate tissue swells, and this
increases the distance between (them)." |
|
Of the three, Dr. Critz singularly has developed a credible explanation for the failure
of implants used alone and has perfected a proven solution. Critz believes that that "cold
spots" develop between implant seeds. Secondly, 50% of men with early stage
cancers, Stage 1 and 2, have microscopic prostate capsule penetration and these cancer cells are
left untreated with seeds alone. The uniform placement patterns achieved by
transrectalultra sound were supposed to correct this deficiency of old style, retropubic brachytherapy
as practiced in the 1970s, but the long-term results demonstrate that they have not. A
possible reason why is that after implantation the prostate tissue swells, and this increases
the distance between seeds. Regardless what the real reason is, the recent publication of
poor data from Ragde suggests Dr. Critz is correct.
Dr. Critz adds conformal external beam radiation beginning 3 weeks after the insertion
of iodine-125 implants. Studies from Columbia University College of Physicians
and Surgeons have shown that 1) when cancer cells are exposed to the slowly delivered
dosages that emanate from seeds, they are able to repair radiation damage somewhat, and 2)
they also become synchronized into a highly radiation sensitive phase of the cell cycle.
When fast bursts of energy from external accelerators are overlaid, the "cell kill" increases
over that achievable either by seeds or XBR alone or when applied in a sequential fashion.
Thus,
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there is a synergistic effect, but it only happens if XBR is added after
implantation. Finally, the conformal simultaneous XBR delivered in prostRcision treatment aids in reaching cells that may be in cold spots
after post-implant trauma and can also reach selected tissue immediately outside the gland, where
microscopic capsule penetration cancer cells may escape.
Generally XBR is used to treat men who are not good candidates for surgery for health reasons other than
the cancer. Also, very often surgeons recommend it in cases where they suspect that the disease has spread
outside the prostate capsule. In these instances, surgery may not save the patient but it would probably
cause incontinence and impotence and as always there is a small risk of life threatening complications during
the procedure. Even adjusting for the bias of such high-risk patients, XBR has a poor track record with only 10%biochemical disease freedom after
10-years.
Dr. Critz stopped using the retropubic implant method in 1992 and began using ultrasound guided
transperineal implantation as a part of simultaneous irradiation. However, his 10-year results with these patients treated
by simultaneous irradiation with the obsolete retropubic implant method are equivalent to RP with 67%biochemical disease freedom. Given the deficiencies of the old-style technique, it is clear that
simultaneous radiation is highly effective. When patients who have received implants with ultrasound guidance are
also considered in Dr. Critz's statistics, his 10-year success ratio rises to 72%. This is considerably better
than Ragde & Blasko's overall 55% success ratio after 10 years for men treated with implant only or with
external beam irradiation followed by implant. Moreover, Critz reports that his disease free results achieve a
plateau with no further failures after 8.5 years, whereas the steep decline between years 7 and 10 for implant-only
statistics suggest that their patients are not "cured." One other danger faces implant-only patients. Drs. Ragde& Blasko may have exceptional operating room abilities. However, newly minted brachytherapists (of
which there are many) only receive 2 days of classroom training and often are not terribly skilled at establishing
a close, uniform placement pattern.
GARP believes that Critz's simultaneous radiation technique is superior to surgery and could emerge as
the gold standard eventually. When looking at summary statistics of the 10-year data, Critz's approach has a
slight edge over radical prostatectomy, weighing in at a 72% success ratio compared to 68% for RP under Dr.
Walsh. Observers should note that there has not been much room for improvement in how a prostate gland
gets removed since Walsh's discoveries in 1982. In contrast, the tools of the brachytherapy trade keep
getting refined. The progression from retropubic to ultrasound guided to simultaneous radiation seems logical, even
if this last rung on the ladder is not in the mainstream of thought in the investment and patient
community. Moreover, improvements could occur from here. At a minimum, due to the 10-year
| "... it is clear that's imultaneous radiation is highly
effective... due to the10-year time lag in research findings,
Critz's statistics are apt to rise... (the most recent 10 year
data for a population similar to Walsh's)...will show
85%biochemical freedom at 10-years once it gets published." |
|
time lag in research findings, Critz's statistics are apt to rise. His
7-year cure rate calculated with PSA nadir 0.2 ng/ml is 88%, for men treated
with modern day simultaneous irradiation using the ultrasound transperineal
implant method. GARP extrapolates that his 10-year data for these men will show
85% biochemical freedom at 10-years once it gets published.
GARP believes the most compelling evidence that will lead to widespread
adoption of simultaneous radiation is its performance in "intermediate
risk" patients. The group of patients within Critz's population that had
preoperative PSA levels between10 and 20 had clean biochemical readings after
10-years 66% of the time. Note that this calculation is based on men treated
with both the obsolete retropubic and modern transperineal methods. This is
dramatically different from the comparable cluster in Dr. Walsh's radical
prostatectomy studies, where only 30% of men were free of cancer. Since the
prognosis of patients in the intermediate risk group could go either way, they
have the most to gain or lose in selecting a remedy. They may represent the
"swing vote" that could contribute to wide-scale adoption of
ProstRcision.
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Some other aspects of Dr. Critz's technique apply to this group of men. While Critz treats the whole
prostate, he takes care to concentrate seeds in the "Peripheral Zone" of the prostate, an area near its edge as the
name implies (see ultrasound photo below), where most cancers are located. Seeds are also placed outside the
prostate in areas of likely extra capsular spread, such as the seminal vesicles and apex. These refinements,
combined with the extension of conformal beam radiation into surrounding areas, probably account for the
dramatically better results with intermediate risk patients.
Interestingly, Dr. Critz uses iodine-125 instead of palladium-103 for some very
specific reasons. Iodine has 30% more energy than palladium-103 (28kV vs. 21kV). It also has along window of activity (60-day half-life, versus 17 days for palladium-103). Iodine-125
is less likely to create cold spots because its higher energy can penetrate deeper into
tissue when the prostate gland swells after brachytherapy, and also because its energy still
gets released long after the swelling recedes. There are very few researchers that
exclusively focus on palladium-103. GARP also finds it odd that Dr. Blasko, who is a paid
consultant for Theragenics (until recently the only maker of palladium-103 seeds) has not updated a1995 abstract describing 5-year results of palladium implant only therapy. This study, long apart of Theragenics' marketing material, focused exclusively on that isotope. In contrast to
this single report on palladium, Blasko's peer-reviewed publications reporting outcome
include only those men treated with iodine-125.
| "Sharkey's study indicates a 50% failure rate after only3 years in men
with early disease." |
|
Other researchers such as Dr. Jerrold Sharkey and
Dr. Michael Dattoli, both of Florida, have published 3-year data on palladium-103 that
seem unimpressive to GARP. Specifically, Sharkey's study indicates a 50% failure rate after only 3years in men with early disease, a PSA between 4.1
ng/ml and 10.0 ng/ml. The lack of
a positive literature base, or any long term data at all, is all the more surprising considering
that palladium has been available for clinical use since 1986, 13 years.
George Santayana (1863-1952) proclaimed that "Those who cannot remember the past
are condemned to repeat it." Transrectal ultrasound guided seed placement engendered
excitement in the 1990s just as Whitmore's implant work did at Sloan-Kettering did in the 1970s. Due
to
|
| "No matter what treatment an early-stage patient
receives, he is likely to be alive in10 years...It's a researcher's delight." |
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the nature of the disease, it took nearly a decade for both innovations to begin to fall into disrepute. A clear-headed look at the rise of implant-only brachytherapy in the late 1990s would have to acknowledge that
the field is especially ripe for statistical manipulation. The disease progresses slowly. The outcome of treatment
is highly dependent upon patient selection. The disease tends to appear in men over 65. Mortality from
other causes often strikes before the cancer does. There are multiple benchmarks for measuring outcomes. All
these factors combine to make it difficult even for experts to compare each other's findings. The bottom line is that
it takes a long time to die of this disease. No matter what treatment an early-stage patient receives, he is likely
to be alive in 10 years. Moreover, there is a good chance his cancer probably will not show signs of
metastasis yet. It's a researcher's delight.
Thus, instead of valid comparative studies, there is a plethora of game playing which favors authors'
interests, be they surgeons, brachytherapists, or radiation oncologists. The game is played in the following way.
First, load the deck with patients that aren't too sick to begin with. Refer anyone at in the upper-intermediate
risk level to a radiation oncologist for XBR. Next, publish frequently within a 3-7 year window after making
a study, because the disease progresses so slowly that high survival and "disease free" PSA readings are
assured. If you make it to 10 years without completely horrible outcomes, define "success" in such a way that "disease
free" statistics are favored by your treatment modality and loosely enough such that the success ratio is
high. This has clearly happened in the radiotherapy community but will change when radiotherapy cure rates
are calculated by PSA nadir 0.2 ng/ml. Finally, don't bend the rules so much that massive peer review
objections result or prestigious journals such as Cancer won't publish the results. If all else fails, publish outside of the
top five medical journals, circulate the results widely among potential patients, advertise about a miraculous
new prostate cancer cure, and laugh all the way to the bank.
Doubtlessly GARP is overstating the state of affairs in the analysis above. Researchers are well meaning
and set out to cure diseases. However, there are vested interests when years of specialization and the building
of practices are at stake. Once one is heavily committed down one path, it is difficult not to admit that
another approach could be better. The easiest choice is to make slight adjustments in one's thinking which
justify previous decisions. Predictably, surgeons defend surgery, brachytherapists advocate brachytherapy,
and radiation oncologists favor XBR. Unless GARP laid out the case for game playing the way we did,
the investment community would not see the forest for the trees.
|
GARP is exceptionally impressed with the integrity of Dr. Critz and his partner
Dr. Hamilton Williams at the Radiotherapy Clinics of Georgia. They do not "cherry-pick"
patients for treatment and they calculate their cure rates by PSA nadir 0.2 ng/ml, the
only radiation group in the country to do so. We also highly commend the Society for
Urologic Oncology of the American Urological Association and the peer-reviewed urological
medical journals for having fostered an atmosphere of intellectual debate. Additionally,
individual sat foundations and even corporations with vested interests in the industry were
helpful. Without their presence, the snarl of opposing views could never have been
untangled.
GARP is delighted to have dug deep enough to cut through the clutter and once
again present a truly unique investment perspective to clients. We believe that we have
no company in the investment community for either of our two conclusions. It is uniquely
our view that simultaneous radiation could replace radical prostatectomy as the gold standard for prostate
cancer treatment.
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| It is uniquely
our view that simultaneous radiation could replace radical prostatectomy as the gold standard for prostate
cancer treatment. |
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