I think it’s a little early to say that M402 will have a poor response rate in phase-1/2 trials. In the Capan-2 mouse experiment reported in the poster cited by floblu, M402 reduced primary tumor weight (i.e. tumor mass) to a fairly impressive degree when given as either monotherapy or in combination with Gemzar.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”