OncoSec Medical Inc (ONCSQ)

[dr_lowenstein]

Interesting analysis. I have a few comments:
First, Amgen did not really pay 1 Billion $ fot Tvec- they bought Biovex for $425M in cash (note Biovex had more than one interesting vaccine program). The rest of it is what we call Biotech dollars- the headline value is exciting, but what actually gets paid out reamian to be seen.
Second, the danger in these sorts of cross study and cross drug comparisons is well know to biotech investors. Although I agree with many of your points, I believe the major weakness is comparing p2 data to p3 data in over 400 patients. In addition, comparisons of Yervoy+Tvec etc are risky as Yervoy a CTLA-4 inhibitor is a diferent mechanism of action vs PD-1

Finally, I do not think the case was made strongly for valuation of ONCS. If the point is, it could hit big, just like Tvec, then I would say yes I agree, but .........

It will be interesting to compare the protocols for the PD-1/Immunopulse vs PD-1/Tvec trials.