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Biotech / Medical : Ligand (LGND) Breakout!
LGND 190.43-0.7%Feb 6 9:30 AM EST
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To: Henry Niman who wrote (7725)9/26/1997 12:51:00 PM
From: Abuckatatime   of 32384
 
BCRX off over 30% today following the announcement of BCX-34's failure in P3 trials. Just the kind of news all biotech holders dread to hear. Curious as to how convincing the data from P2 trials were I discovered in BCRX's latest 10Q that the company admitted to the FDA in 1995 that it had submitted incorrect P2 efficacy data to the FDA regarding BCX-34 in the CTCL and psoriasis studies. Subsequently the FDA inspected the company and cited BCRX and a lead investigator for certain procedural deficiencies. Apparently the company was told to expect close scrutiny for their ongoing P3 trials to further insure compliance with FDA requirements. The 10Q states "The CTCL and the psoriasis dose-ranging Phase II clinical trials did not result in an overall statistically significant drug effect..."

It appears then that the failure in P3 trials should not have been a complete surprise. That's no consolation for BCRX holders taking a beating today but does suggest that the questionable P2 results were not adequately factored into the stock's recent price.

Thank our lucky stars that LGND's P1/P2 data are much more convincing, and far less likely to be followed by P3 data like that reported for BCX-34 today.
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