Biotech Values

[AlpineBV_Miller]

What are your thoughts on IMGN here?

Dead money.

Do you see the seeming validation of SGEN's ADC technology having any effect on IMGN?

No, largely because IMGN's technology has failed to be validated but T-DM1. One can argue, correctly to some extent I think, this is because of bad decision by partner and bad core MAbs but the TAP tech has way more failures than successes.

Why does the CMS questionnaire on Provenge look far more detailed and complex than the FDA hearings on Provenge? (It sounds like the approval process all over again.) Is this really CMS's role?

We just published 18 pages on this for our Subscribers. I like JPM's Cory Kasimov's short comment for brevity. He says people used to seeing FDA approval panel questions may be surprised at the breadth for MEDCAC questions, but they are as expected.