fwiw re: ARQL...
Wasn't an impressive CC by any means. I sold my position this morning. A couple of red flags from my point of view:
1) Reading between the lines, the results from the monotherapy trial aren't looking good. They'd previously suggested that they hit mtd at 550 mg/m2. However, it's clear that at the prior dose level, 390 mg/m2, they didn't see any significant activity. Now they're left to mess around with dosing schedules for doses between 390 and 550 to see if they can push the responses and, presumably, the amount of drug getting into patients.
2) The second generation E2F program, named 550RP, is much further from IND than i thought. They're still at a very early stage of simply deciding what type of new chemical entity to generate... one comment was that it could even be a polymer of sorts of arq501. Not exactly encouraging from my point of view.
3) There is another financing being telegraphed. Although this is not a surprise for a company at this stage, their plan of ending 2005 with about 70 mill in cash suggests another 10-20% dilution. Weighing that dilution against reasonable expectations for drugs in the clinic suggests a flat year for the share price, in my opinion.
4) I'm starting to get a bit of an uneasy feeling regarding Hill. He couldn't even give a straight answer as to whether or not they've submitted an abstract for aacr or asco. Come on...
My impressions only...
AI
