INGN's stock is trying to hold above the $3 level after the recent adverse comments.<g>
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A.F. came out with his usual one after INGN announced that it was going to collect further data on the patient's p53 biomarkers, but this time he didn't propose that the company also gather data on wether the patients are right of left handed before the final data becomes available.<g>
All year, the company has sworn up and down that it would release results from a phase III study of Advexin in head and neck cancer patients and file Advexin for approval with both the FDA and the European Medicines Agency before the end of 2007.
On Thursday, Introgen reneged on that promise, saying it needs more time to collect and analyze tissue samples from Advexin patients in the phase III study. Therefore, there will be no Advexin data or regulatory filings until the first half of 2008.
Introgen is really blazing new trails in biotech bamboozlement, going where no company has gone before. Consider me impressed.
Let's recap a brief history of Introgen's track record when it comes to Advexin: An FDA filing in 2004? Nope. A filing in 2005? Nada. 2006? Didn't happen.
Now we add 2007 to the list of Introgen ignominy. What makes this year even more hilarious is that management was promising publicly, as late as the middle of November, that it was going to meet the deadline this time. And earlier this week, Introgen's board awarded CEO David Nance with another long-term employment contract.
I've said it before, but it bears repeating: Introgen is a terrible company. Advexin is junk. The drug doesn't work. The data are manipulated and false. Management misleads. Is that clear enough?
As I said, this time he didn't mention his previous proposal to gather information on the patient's left handed status, which according to his unbiased opinion could be just as important as the p53 biomarker.<g>
And of course, he also makes no mention of the close to 5M shrs that have been sold short & supposedly will have to be bought back some time.(It will take around 45 days of trading for the shorts to buy back at the recent average daily volume.<g>)
He also doesn't mention that, at last count, INGN had > 38M of Total Cash & < 8M of Total Debt & doesn't mention its patents, or reports on other drugs that it has in its pipeline, like a recent one in an advanced on-line article in Cancer Gene Therapy,in which Dr. Rajagopal Ramesh, associate professor in the Department of Thoracic and Cardiovascular Surgery at M.D. Anderson Cancer Center, reported a study demonstrating that the combination of INGN 241 and Velcade resulted in increased tumor cell killing in human ovarian cancer cells.(Late last year, INGN announced the worldwide, exclusive license to a family of patent applications, one of which covers the combination of its tumor suppressor product candidates and proteasome inhibitors, which can increase therapeutic functionality & provide a new molecularly targeted approach to specifically destroy cancer cells.)
At any rate, although I will continue to heed the advise of "going with the winners" & follow the instructions of people like Jesse & Bill O'Neil, always let your profits run & cut your losses fast, once in a while I guess it doesn't hurt to digress from the advise of not buying any company with a price below $10, as long as previous trades on the stock remain profitable. Always continue to follow the advise Never try to average down on price. (I won't try to add to my position as yet, but the cost of my INGN shrs is still negative.<g> )
The stock is still trading above $3 & with some news & some short covering it will probably double in price again.It seems that the R/R isn't bad at present levels.<g>
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Bernard
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