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Biotech / Medical : Texas Biotech (TXB)

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To: MarcG who wrote (121)	3/17/1997 3:26:00 PM
From: Meridian	of 834

To all, the stock is getting hammered on the phase II trial news. I thought the purpose of this trial was to further establish safety and optimal dosage, and to set proper endpoints for the phase III trial. Instead it appears that investors are looking at the efficacy of this trial instead. The "29% improvement in coronary artery reperfusion versus heparin" was at the highest dose (3 micrograms/kilogram of body weight/minute), which implies that the response was/is dose-related. The results were statistically significant with a "p" value of 0.02. I imagine they will increase the dosage in phase III to achieve better results. If so, then this trial was successful, in that it further established safety, it established a correlation between dose and efficacy, and the results were distinguishable from zero (statistically signficant). Perhaps I'm naive in my interpretation of clinical trial results (ok, I AM naive), but these appear to be good, or at least not disappointing. Am I missing something? Brian

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