I bought back half the shares I sold at $5.13 in October. I am willing to take a shot now to see what the updated Enchant Breast cancer trial data will show.
I bought more IMGN at the mid $13s last week and just over $14 yesterday after the European approval announcement to increase my IMGN shares by 50%. Long-term IMGN still looks good, but I agree that a change in management would help. However, a drop to below current levels was too good to resist.
Greenype, Are you kidding me? Nether PGNX nor Salix ever said they had done or are doing a one year safety study. That would be a MAJOR material event for shareholders. There is no way that wouldn't be touted. PGNX and Salix are trying to get the FDA to use the Relistor treated AMI population and a phase IV follow-up report as the basis for allowing Relistor approval in chronic pain. Instead of facing reality, you are trying to essentially use a ouija board to guess at what might be meant by some vague change. Why don't you email IR and see what they say?
ca_fisherman, kudos for going greenype the facts. Hey greenype, I have been invested in PGNX for longer than I care to say. I blew many chances to escape with a profit doing exactly what you are ding, mis-reading or nor reading carefully enough. When the FDA was talking about a 1-year safety study, I read what PGNX had done it, and it sure as hell wasn't a 1-year safety study in subcutaneous Relistor, let alone the oral formulation. For some stupid reason I didn't see the obvious, that they might be in trouble with the FDA, so didn't immediately sell. That was just when PGNX was hovering around $10, and before the FDA shot-down Relistor approval in chronic pain. I have sold-off almost 90% of my shares since at a loss. The oral Relistor formulation is the key for PGNX, but Salix has it on hold. It's advancement is not only crucial for Relistor to be able to compete in the chronic pain market with NKTR, but Salix will owe PGNX substantial milestones on its approval, which I believe are in the $50-$70 million range. I wish it would happen, but if wishes were horses, beggars would ride.
Ooops, sorry, NDA accepted by the FDA, not FDA approval. My comments about incompetence of PGNX and its partners stand.
PGNX and their partner's obvious incompetence is on display today. NKTR has their drug for OIC approved after their 52 week safety study. PGNX and their partner had a long lead, but squandered it. The NKTR drug is an oral drug so PGNX is way behind as their most advanced formulation is subcutaneous.
Ivan, I am just pointing out that pre-clinical data is interesting, but is a very poor predictor. Many drugs which show excellent efficacy in pre-clinical data fail miserably in the clinic. I am still long SNTA but the Enchant-1 data will tell the story. I am hopeful because ERBs are major clients of HSP90. In addition, when you look at the Galaxy-1 data you will note women do better, and in some cases, lung cancer can be driven by ERBs. Don't pay attention to the imbeciles who can't take a little dose of reality so resort to childish attacks against me.
I always enjoy reading pre-clinical data. However, if you need to cite pre-clinical data to buttress your position, then you are holding a weak hand.
hailstorm, I see you don't know anything about either Biotech companies or drug development. It is almost unheard of for a company to get a drug to market in 10 years.
ahhahah the moron is back. It is flattering that you follow me around, I guess you made a lot of money following me on my two biggest holdings, ONXX and IMGN, the latter I bought most of my shares after it cratered on the FDA rejection a few years ago. I recently bought more IMGN at $13.52.
Nothing unexpected here. Of course SNTA has to raise some cash, and they have to do it before the Enchant-1 breast cancer data is released. Management was remiss in not doing it before the update of Galaxy-1. The people who were talking about how the Galaxy-1 update was great if they just omitted the two "outlier" Eastern European enrollment sites should have realized that things weren't so clean and easy when SNTA increased the size of Galaxy-2. After we get an idea of the size and price of the new share offering, and after the stock reacts, I will consider buying back some of the shares I sold at $5.13. If the Enchant-1 data looks good and stock rises significantly, then I will sell some again.
Ivan, that isn't current as SNTA added a third arm, Ganetespib + Paclitaxel. I will repeat, there is no way the final trial data from 70 patients will be oriented this December.
There will NOT be a report on 70 patients as the trial won't be completed by December. There is an outside shot that we will only see the data on the original 15 patients. Far more likely is a decent increase, say a doubling to data from 30 patients.
factspls88, SNTA is worried that the lower HR recently obtained in Galaxy-1 means they need to increase the trial size to increase the chances for achieving statistical significance in the 6mo patient population, which is the Galaxy-2 patient population. That also means the Galaxy-2 trial will cost more. This is hardly a positive development. The Enchant-1 trial is now clearly the price driver for SNTA in the near term.