Biotech Values

[biomaven0]

PCYC was a weird situation - basically it was a new company with new management and it took quite a few years after their gadolinium failures for the stock to show signs of life.

You have plenty of time after a lead program fails to buy in for the second program. That's what I did in the cases of both PCYC and MDVN.

So I'm not saying a second program never works - just that you have plenty of time to decide about an investment after an initial failure. I stand by my view that you should never let your thoughts about a secondary program influence your decision about whether to be in a stock when there is a lead program with an unknown outcome.

There are always a few exceptions - Ariad with rida and pona might have been an example.