Biotech Values

[mcbio]

Re: ENTA/(ASMB/(HEC)

Just to add on, was doing some more digging on ENTA and forgot they too are specifically focused on the CpAM approach for HBV. Adds more validity to what ASMB doing here (on top of big pharma interest already in CpAM approach). I checked their recent slide deck: https://s22.q4cdn.com/306858242/files/doc_presentations/2018/09/Corporate-Presentation-Sept-2018-(2).pdf . Slides 33 and 34 are relevant for comparisons.

I guess on slide 33, is ENTA saying they have the only HBV drug with profile active against all 3 of those HBV cell lines? Is there truly a need to be active against all 3 given potency we've already seen in clinic with ASMB drug (and other CpAMs)?

They show genotype coverage on slide 34 vs. comp. Their drug does look much more potent vs ASMB lead drug though it's comparable with ASMB's 2nd gen drug that is about to enter clinic (slightly ahead of ENTA drug). ASMB 2nd gen drug is much more potent against GT-A. I do wonder if the fact that GT-D through GT-H is blank for ASMB 2nd gen drug truly means the drug doesn't work against those GTs or if just haven't reported data.

I did some more digging on breakdown of HBV GTs. See: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4017058/ . Looks like U.S. is split heavily among GT-D; GT-A; GT-G; and GT-H in rough order of patient size. Looks like China is primarily GT-C though also has a big chunk of GT-B (probably smart for ASMB that they have an office in China now to focus on this opportunity).

FWIW, ASMB disclosed in their last webcast that their 3rd gen drug is 5x more potent (believe they meant in reference to the 2nd gen drug). No discussion on GT coverage that I recall. In light of the sharp recent decline, I added to my existing position.