Biotech Values

[DewDiligence]

Re: REGN’s VEGF-Trap:

>> The last I heard from REGN, they were still determining MTD, still very early. If you have heard else, please advise.<<

http://www.regeneron.com/investor/ASCO_WebF.pdf

In slide #19, it shows that, of the 10 cancer patients treated with VEGF-Trap at the highest dose tested (800mcg/Kg s.c. 2-4x/week), there were zero partial responses and eight patients with stable disease at 10 weeks. At REGN’s Needham presentation on June 16, CEO Len Schleifer offered that one of these eight patients with stable disease “almost” had a partial response.

Even taking into account that this is a phase-1 trial and MTD has not been reached, these results have to be considered disappointing. You can even hear it in the apologetic tone of Schleifer’s voice.

VEGF-Trap may still make it in AMD, but REGN and Aventis may have to switch to an intravitreal injection to obtain any meaningful efficacy, and this would likely render the product a late-to-market knock-off of Lucentis.

P.S. Our guru in residence, isolution. essentially predicted this outcome a long time ago (#msg-1920811).