Biotech Values

[DewDiligence]

Just my general observation that great data in Phase 2 often leads to nothing more than a failure in Phase 3 (even when the P2 is randomized).

Antiviral drugs are a notable exception.

Unlike most kinds of drugs, antivirals generally have well-understood mechanisms of action whose efficacy is easy to establish in phase-2. The phase-3 trials of most antiviral drugs are effectively safety studies.