Biotech Values

[ghmm]

FGEN - IPF:

I tend to agree with Peter and the disease being quite heterogeneous. I think disease severity is not necessarily a good predictor of being able to show a treatment benefit. One thing InterMune attempted to do was find patients who were declining in the theory that Pirfenidone would be more likely to show a treatment effect in those patients. I suspect you are aware of this already but for those that aren't its a pretty strange disease in that someone could be stable for some time and then have a sudden drop in lung function and become (relatively) stable again for some time.

I am very curious to see the Phase 2 data as well and I am curious to see if change in fibrosis correlates to FVC change. If so I still like the idea of somehow trying to incorporate that as a primary end point especially if they go head-to-head with Esbriet or Ofev (as opposed to add-on).