Satraplatin RIP
To make a Halloween metaphor, that news puts another nail in the coffin of my biotech blunders and adds to my never ending befuddlement. Time after time it seems the lesson is always to expect the unexpected.
Spectrum was one of my first biotech investments in 2002, almost solely on the promise of satraplatin and the reputation of its scientific head, Luigi Lenaz. I also was attracted by the model of developing some generic, Indian produced drugs to help defray development costs. Until today I thought that there was no more sure drug destined for approval than satraplatin. It had the advantages of oral bioavailability, similar mechanism to approved platinum drugs, and, presumably, similar efficacy. So, it seemed to me it was just a matter of time before the survival data and almost perfunctory approval.
Of course, Spectrum had lots of wild swings during the ride and my investment has done very well for me, my current position being essentially "free" shares. No complaints there.
But, this biotech investment world continues to demand constant diligence, humility, and respect for the unexpected.
Urche