This is the worst TRCA CC they ever given. I remembered the last CC (4th Q 2005 CC call), Scarlett was very excited and he gave a sort of impression that Increlex would have high number of patients (shoot for 300 - 600?). They did launch Increlex on time. They sounded like they were going to beat expectation in 1Q. But they failed today.
1. They didn't lower cost (loss) comparing to 4th Q 2005.
3. Only 90 patients as of today (5 months in 2006) much less estimated target of 600.
4. Cash buring rate is still high comparing to Insmed.
5. No pipeline in sight. Comapny said they may buy or merge with other company in 4th Q CC, but they didn't say anything today.
6. They said in 4th CC they would update phase 3b status, but they failed to update today.
7. They mentioned Increlex is not freezing drug...they violated unfair business practice law.
8. They said "approximately 300 children have been identified by pediatric endocrinologists as candidates for Increlex therapy.." What does it mean? Are they trying to confuse investment public? Who decide to use Increlex or iPlex? Doctors or CEOs of drug companies including Insmed and Tercica?
9. Increlex has no off-label usage. FDA mistakenly approved it. That's it. They were lucky because Insmed irritated the FDA by filing a citizen complain.
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