Biotech Values

[DewDiligence]

PYMX:

…isn't MNTA's M118 something that, if successfully developed, could ultimately limit the potential of this type of drug [a reversing agent for unfractionated heparin and Lovenox]?

Yes and no. M118 has the potential to substantially reduce Lovenox use in ACS; however, ACS is a relatively small part of the Lovenox pie.

In VTE, which is the main market for Lovenox, the worry for PYMX investors is not M118 but rather the new oral anticoagulants such as Xarelto and Pradaxa (#msg-43348853).

I would assume there would still be a huge market opportunity as I imagine heparin and LMWH’s aren't going away any time soon.

I would draw a distinction here between UFH and Lovenox/LMWH. UFH already has a satisfactory reversing agent (protamine) and I don’t think there is a compelling medical need for another. Lovenox, on the other hand, does not have a satisfactory reversing agent; hence, if Lovenox can survive the onslaught from the new oral anticoagulants in VTE (and from M118 in ACS), there may be a decent sized market for PYMX’s reversing agent.

In other words, there are a lot of ifs that have to work out for PYMX’s reversing agent to be a commercial success; if you decide to invest in PYMX, I think you should do it for the antibiotic program rather than the protamine-replacement program. I’ll let Peter comment on the antibiotic program since I don’t know anything about it. Regards, Dew