Biotech Values

[mcbio]

Transcript of FGEN’s (now famous) 1Q19 CC:

Been disappointing action in the short-term on FGEN based on that CC, but I am still hoping shares can recover in time and with more details provided. Rightly or wrongly, I still take some solace in that disclosure in Q&A about MACE+ HR for Roxadustat in dialysis being <1 and incident dialysis being much lower than 1. I am hopeful they have a good shot broadly with the EMA given MACE+ is the key endpoint there.

For U.S., I certainly get the questions on how they handled the MACE reporting. Hopefully good still on at least incident dialysis as well in U.S. with more clarity being needed on the other settings.