I sold 10% of my share yesterday at $0.57, which is the amount and price I bought it last week. I decided I had more than enough invested in GTCB and I got hosed on another stock, PGNX, so needed to get some cash. The sad part is PGNX is waiting for and will likely get approval at the end of April for their first drug, MNTX, for treating opiate induced constipation (OIC) in terminal cancer patients with advanced medical illness (AMI).
What is amazing, or maybe not, is how much misinformation that approaches lies, which has been issued about the phase III failure of MNTX for bowel disfunction following surgery. It is a completely different indication, triggered by different biological response from surgical trauma than that from long term opiate usage in AMI patients. The efficacy data from the AMI trials was stellar (p= <0.0001), yet the press releases from imbecile analysts are saying the bowel surgery trials efficacy failure casts doubt of the efficacy of MNTX in AMI patients. What a load of sh*t from uniformed morons. In an event, I wanted to have more cash on hand so I could buy more PGNX by late march or early April. PGNX has more than $6 a share of cash on hand their partner Wyeth is paying for all the developmental costs releated to MNTX. The only question left for MNTX in AMI is whether the safety data for 3 months will be sufficient for its approval in terminally sick cancer patients, even though no safety issues have yet been associated with its usage.
In addition, the potential market for treatment of surgical patients is small part of the potential MNTX market, with chronic pain sufferers who use opiates being the far larger market. The opiate usage market which was unaffected by yesterdays news. The whole economic situation has made people really jumpy to the verge of irrationality. The market can be really insane sometimes, but also provide opportunities.
