Agree with you on all counts.
David Miller actually was one of the earliest analysts to rightfully identify the enormous commercial potential of Genasense. I can still recall his stating unequivocally that the drug definitely worked; it was just a matter of finding the right market for it.
Aventis...boy that brings back memories. I remember when Sanofi paid $60 billion to acquire Aventis. The strategic intent of SNY's acquisition of AVE was to get the rights to Genasense. I even recall when SNY divested Camptosar just prior to the merger being consummated, obviously to make room in its warehouse for the inventories of Genasense it intended to carry. After all, Genasense was all teed up to do about $9.5 billion in annual sales in just the first 8 cancer indications alone.
Anyway, it's FDA's corruption that's created this wonderful buying opportunity. The Melanoma Phase III results were a slam dunk for approval with the pivotal trial showing an increase in survival at a p-value = 0.184. They were far too risk-adverse in denying marketing approval on the strength of that data package. At the time, that was just the kind of data package the Agency wanted spronsors to bring down for approval.
Despite the stock's temporary pullback (due no doubt to some profit taking), I still think Ray Warrell may yet get the nobel prize for his work on Genasense.
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