Biotech Values

[mcbio]

GLPG.BR

Preliminary results showed that a significantly higher proportion of patients treated with GSK2586184 at the 400mg bid dose met the primary endpoint compared to placebo. The primary endpoint was defined as achieving =75% improvement from baseline in Psoriasis Area Severity Index (PASI75) score at Week 12. PASI75 for patients randomised to placebo was in the range expected.

Good call on this jq as I recall your prior comments that we shouldn't read the lupus failure through to psoriasis (#msg-98186292). I realize it's very early and we don't have the full picture on data but how would you compare this early data to the competition (both approved psoriasis drugs and those in the clinic)?

GSK remains responsible for the study and intends to review the complete data from all GSK2586184 studies before determining next steps.

Not sure what to make of this language. Doesn't this potentially read as a little bearish in that it seems to imply that this early data, despite being positive, may not be sufficient to proceed further in psoriasis?