Ayala Pharmaceuticals Inc (ADXS)

[pharmeng]

Depends how you view ADXS. Those looking at it like a catalyst driven play have probably been disappointed for a long time. We definitely lost a few years because of the former management, but I think we're starting to see the inflection.

It takes awhile to build and refine the platform. If you look at some of the companies that have become bigger players, like Regeneron, you'll see an abysmal stock price for many years while they developed their platform.

Same for Medarex, their platform developed BMS's CLTA-4 and PD-1 drugs, Medarex was around for a long time (founded in 1980s), and only recently those drugs have taken off.

CAR-T is really hot, but those technologies have been incubated in the academic hospitals for many years to become what it is today.

It might seem like everyone is passing ADXS by, but relatively speaking, ADXS has not been working on it as long. And maybe a good thing, because people have learned a lot on clinical trial design for immunotherapy. There have been tons of failures in cancer vaccines, and even in check point inhibitors (look up Pfizer's development of a CLTA-4 drug).

I'm eagerly awaiting more clinical results as you are, but just a bit of perspective.