Biotech Values

[mcbio]

2) Celldex hasn't disclosed response rates in patients with greater than 50% GPNMB expression levels. The company told me that results were fairly consistent and suggest that higher GPNMB expression levels resulted in greater response rates. That's fine but Celldex still won't tell us the response rate in the third bucket of patients with greater than 50% GPNMB expression levels.

I want to see those data because if what Celldex says is true, it will further verify the mechanism of CDX-011 and increase the chance that this is real drug. Celldex may be reticent at this time to give us these data because the patient numbers are too small, but it's still important information and somewhat bothersome that the data are being kept from us.

This is the biggie for me. I didn't realize there was data that CLDX is actually withholding. So, is CLDX withholding this data because it's bad, which would obviously throw all the results in question, since the rationale is that those with the greatest level of GPNMB expression levels should see the greatest benefit from 011 treatment? Or is there a rational scenario as to why they would withhold really strong data? Note that AF does say in his article that CLDX told him that results were "fairly consistent and suggest that higher GPNMB expression levels resulted in greater response rates." Perhaps that statement speaks for itself. But, I just don't understand why CLDX wouldn't disclose it if it were indeed good data? Hope I'm being unduly pessimistic here.