One of the better presentation I've listened to in a long time. I think ever investor should listen to it. Commercially-minded development executives/scientists who exhibit smart thinking, a home run presentation without much effort. I imagine all attendees were impressed. It was a wonderful mix of scientific explanation of their first in class checkpoints, combined with the right amount of strategic insight, theirs, big Pharma and Payors. The CEO walked the biology, and explained the discovery, their patented methods, and the immune response on a molecular level. On that portion, I hadn't realized they were seeing both an adaptive and an innate immunological function perspective of their PD1. Next step, which you know, is to bring it into a clinical setting, to run a Phase I in patients with prior checkpoint failed PD1 therapies. Also test along with their TIM. A large market opportunity already exists for a more effective PD1 directed therapy. The current PD1 therapies only have a 20% response rate, but generated $2.8 billion in sales last year. Their PD1 is essentially going to go after that 80% of the market that failed therapy. And that market is expected to be $27 by 2020. I'm convinced they'll be part of it, in a large way. If their PD1 can increase durable response, without increasing toxicity (other combinations do), which they expect they'll be able to do. If they can prove efficacy --again that appears likely by the human models they've done --they will be able to expand the trial to an open label for registration and that will lead to a quick pathway to approval. And lots of $$$.
The follow up questions and answers validated my own investment thesis on why they'll continue to see success with the big Pharma clients. Big Pharma's job are to sell drugs. Biotechs job is to innovation. Their fundamental value proposition is the most impressive. They are their primary customers. Big Pharma likes drugs that are validated. (Merck and BMS checkpoints were developed elsewhere and have old origins). They're essentially are providing a first in class mAB. One that big Pharma already knows the regulatory process to make, sell, and market these mAB. They will be handing them a product that gives them MUCH more of the market, due to the higher response rate, and that will be hard to resist, so easily they will get a royalty partnership! And then they're going to repeat the same process with a TIM and LAG. And not to mention their partnership with MD Anderson, where they plan to make new discoveries and then license those out for royalties. They're going to be a scientific power house with their cell discovers. And at the same time become their own big Pharma, if their mAB end up being the best in class. According to the human model test, they may be more powerful than what's out there.
Buy up shares is all I can suggest. That's what I've been doing. I remain diversified. All these smaller biotechs take time for the overall market to understand the opportunity. On this one though, I'm expecting they'll soon take notice. :)
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