OncoSec Medical Inc (ONCSQ)

[Titan V]

The PR was weak IMO. I have seen (and believe posted here) non-cash collaborations where a MRK rep comments on the trial. That sort of validation was lacking and hence the reaction from the market. Having said that, this does not in any way change my outlook for the registration trial. It might seem like we just keep on saying the next milestone will do it, but the fact is that the registration trial incorporates what the market will value (true non-responders and whether they respond). As Punit has mentioned in the past, they will be in a lot better position to negotiate a deal if and after they've met the primary endpoint for the trial. Until then, I don't see much action, unless there is a surprise ex-US partnership (there is a commercial partnership/licensing bullet in the 2017 milestones) in between.