Replies to post #20233 on Biotech Values

[DewDiligence]

>Lessons from ptie: be very cautious of phase III trials based on flimsy phase II's (both oxytrex and the ibs drug). This mad rush to go into phase III can be reckless.<

I would temper that by saying that it depends on how well understood the treatment pathway is. For instance, DNA jumped directly from phase-1/2 to dual pivotal trials for Lucentis because the VEGF pathway was well understood (by them).

[urche]

"ptie's ceo is a major bullshitter."

Agreed. But, I thought his demeanor today on CC was uncharacteristically unbombastic.
No hedging and some humility in this comment:
"We tried to develop this drug (for IBS). It did not work and we're moving on".

Re strategy for 2006: King will be funding development of 1 or 2 new drugs, with INDs expected in 2006. These will be abuse resistant narcotics, not mingled with narcotic antagonist.
The bulk of PTIE's own cash burn will be spent on further development of Oxytrex, which I assume means another ph III study.
In response to a question, CEO said he personally was in favor of a share buyback and would put the issue on the board agenda. That sounds like BS to me.

urche