My notes and impressions of the Bio presentation...
(disclaimer...please take your own notes, I don't
know a kinase from a peptide, really!)
This summer the first IND: They own this inhibitor of IgE receptor on mast cells. Pretty sure it is not the inhibitor of IgE production in B cells, which is also all theirs. (Pfizer has IL4 in B cells)
So they ran the potential Asthma med through several animal models, which included sheep and hamsters I think. Could this also become a drug for sinusitis? He seemed to imply that with a slide showing how much is spent on both Asthma meds and nasal steriods... I think the conditions are linked (from what little I know of my own asthma) if you're snotty...drip a lot down into your lungs, this cycles into more coughing, wheezing and potentially asthma.
In the next 24 months three projects will go into the clinic, they should get another corportate partner, plus renewals of existing collaborations. Half their expenses are covered by current deals...mitigating the burn. They have something on the order of two years of funds. My two cents here, but I think these guys can raise money any time they want. It seems that they are keeping Pfizer and Novartis set up with plenty of hits--I should think it will be awhile before they use their retrovirus-probe system on all disease pathways and the hits dry up.
"The critical pathway", Rigel seems to be able to zero in on the most druggable puzzle piece, and they want to block all pathways for a disease state. For instance, the IgE inhibitor, one slide showed how the molecule damps out a handful of inflammatory processes, histamine, others. I would ask the experts if this is not targeted enough--are Rigel's drugs likely not to be specific enough? Am I not getting it?
Nothing at all was said about Rigel's valuation.
The shares have been sagging, and I would say that in this market any stock can have a shakeout. I posted to the Yahoo thread that I would like to see $3, where I would buy more shares. The rumor on Yahoo is that there are some disgruntled employees. The only reason I can see for someone to post that is to try and shake up some shares.
Anyway, if RIGL drops a buck, I will be able to afford a few thousand shares more. Heh, so what. Buy a position, forget what you paid, --the money is gone when you spend it. Enuf commentary.
Ubiquitin Ligase, a broad new catagory--sounds like it has lots of potential, something about "what kinases were ten years ago". I am not clear if this has potential for inflammatory conditions or oncology! Really, one slide showed RA and IBD labeled ligase...but then I heard something about Ubiquitin Ligase and Oncology. Sorry I am clueless.
Hep C--could be the next IND.
If I had a disclaimer to give, it would be that having followed biotech for the last few years, I've been programmed in such a way that things like gene therapy and protein therapies have become less interesting, while "small molecules" and intracellular signaling, and this HTS system they have pushes the right buttons with me. I am underwater in things like Tgen and Genxy, so maybe it is a little too easy to fall in love with what sounds like a better bet. But never fall in love, they'll only break your heart!
I am long RIGL. I rate it a hold at this price and a strong buy if the market crashes and the shares takes their turn down around 2x book value: Every stock seems to eventually get have a smackdown toward book value, I'm trying not to buy too many shares, especially since every day it is a dime cheaper.
-Mike |
