Biotech Values

[DewDiligence]

Thanks for the R&R update.

BPA is a simple story. The M.O.A. of testosterone is well known and the main issues for a drug are the pharmacokinetics (fluctuating plasma levels are especially bad for women) and the convenience (a gel is much better than a patch). I think Saturday’s BPA presentation on LibiGel will be anti-climactic given the already-released top-line data.

Interestingly (and tangentially apropos to our prior discussion of Finasteride), the CEO of CBRX, a fringe player in hormone drugs, claims that his company’s testosterone drug is superior to either a patch or a gel because it does not allow 5-alpha-reductase in the skin to metabolize testosterone into DHT. I’m inclined to think this argument is a red herring.