Biotech Values

[RockRat]

You asked for comments . . .

Bullet #1, it's true that aptamers don't have much of a record at this point, but that's partly because they are relatively new.

Bullet #2, yup, and I wonder how it prices out. I would guess protamine is pretty cheap.

Bullet #3 I'm aware that factor IX is farther upstream, but do not know what the clinical consequences of each approach are.

So I pretty much agree with your comments, and would add that Regado is taking a big flier on a couple of small studies. This one enrolled 26 patients, and from there they are jumping to 800 in the P2b RADAR trial.

If M118 can't find a partner, I don't know how REG1 would, even with good results in RADAR. Regado has done round D of their VC financing, so I would think the VC would demand business development results before throwing more money at Regado. More likely, they'd attempt to take it public. Again, w/o a partner, that might be a tough sell.

If they partner REG1 before MNTA partners M118, then I'd be worried.

Regards, RockRat