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Biotech / Medical : biotech binary events

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From: Ian@SI3/13/2009 3:10:09 PM
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10:21AM Dendreon: Biotechs are risky but Dendreon may be "Russian Roulette" - Merriman (DNDN) 3.86 +0.44 : Merriman says, DNDN is expected to release the highly anticipated Phase III data from the IMPACT study. Firm views this event as one of the most binary biotech events in a very long time. The risk profile for DNDN right now is immense, although firm still maintains their negative stance on the outcome of the IMPACT study in late stage prostate cancer. Why does firm see IMPACT failing? Though the co recently reported a blinded yet positive interim result, firm believes the late stage population enrolled in the study has the cards stacked against a positive final outcome. In short, the study has included patients with Gleason scores 8 and above, as well as patients who have become symptomatic for bone pain. Firm believes that enrolling patients with more severe disease is counter to what is now clearly known in the cancer immunotherapy space that more severe patients do not respond as well to this form of therapeutic approach.
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