Xenon – P1 data provide more de-risking

To me, the main challenge in today’s biotech market is finding good quality assets with attractive valuations. There are definitely a lot of promising programs out there but valuations are often hard to justify as they reflect limited development risk and unrealistic commercial potential. From a risk/reward standpoint, it is hard to get excited about valuations of >$0.5B for companies before clinical proof of concept and $2-5B for clinically validated programs.

From that perspective, Xenon (XENE) is a market anomaly, with two promising clinical stage programs, a robust discovery platform and a market cap of just under $100M. Its two epilepsy programs, XEN1101 (Kv7 opener) and XEN901 (Nav1.6 inhibitor), are still in P1 but at the current levels the upside potential is too significant to ignore.

Not the typical CNS programs

XEN1101 and XEN901 do not have the typical risk profile seen with other P1 CNS programs, they are de-risked on multiple fronts:

  • Genetic validation in humans – Mutations in Kv7.2 and Nav1.6 are associated with severe forms of epilepsy in humans
  • Pharmacologic validation in humans – There are approved anti-epileptic drugs that have overlapping MOAs with XEN1101 and XEN901
  • “Precision medicine” regulatory route – XEN1101 and XEN901 may be pursued in biomarker-defined populations which represent a fast route to market with a high likelihood of success

Selectivity and safety profile as key differentiators  

XEN1101 was designed based on clinical experience with ezogabine (Potiga), an FDA approved Kv7 opener with proven clinical efficacy that was withdrawn from the market due to safety concerns. XEN1101 is more potent and does not seem to dimerize or bind melanin (seen as the primary liability with ezogabine as it leads skin and eye pigmentation). It also has a better PK profile that should support daily dosing vs. thrice daily with ezogabine.

For XEN901, the primary differentiation from older Nav blockers lies in the selectivity towards Nav1.6, which is thought to be a primary driver of seizures. XEN901’s potency and selectivity led to a dramatically improved therapeutic window in mice (see figure below), which will hopefully translate to the clinic. According to Xenon, XEN901 is the only Nav1.6-selective molecule in development.


P1 data further provide more de-risking

Earlier this month, Xenon presented P1 data for XEN1101 and XEN901. The drugs appear safe, have a favorable PK profile, and exposure is at the predicted efficacy range at relatively low doses.

For XEN1101, there are even hints of biological activity using brain imaging tests that had been reported with ezogabine. Interestingly and with the caveat of cross-trial comparisons, XEN1101 demonstrated a stronger imaging signal than what is reported with ezogabine at 20-fold lower dose. The company plans to present imaging data for additional healthy volunteers as well as safety data for repeated dosing. Assuming no safety issues arise, an efficacy P2 is expected to start towards the end of the year.

Potential utility for XEN1101 in ALS

Kv7 is garnering attention as a target for ALS, following the launch of QurAlis, which is also developing a next-gen Kv7 opener. QurAlis’s scientific founders identified Kv7 as a potential target in patient-derived cells (published here) and used ezogabine to demonstrate their hypothesis (see figure below).  Data on QurAlis’s Kv7 opener are limited but Xenon appears to be 2-3 years ahead and could pursue ALS as a second indication.


Source: Cell Rep. 2014 Apr 10; 7(1): 1–11.

Upside potential

As a small cap biotech, Xenon comes with all the usual risks (no clinical proof of concept, long timelines, high rate of cash burn etc.) but at a valuation of $100M these are risks I am happy to take. Commercial potential for a new anti-epileptic drug with a favorable safety profile is in the $400M-$500M range, not including the orphan indications that could add additional ~$150M per indication. If safety data for XEN1101 and XEN901 continue to look clean (long term safety data is expected by YE18), it is hard for me to envision Xenon staying independent at these levels.

Portfolio updates

I am adding a third position in Xenon following the recent P1 data and the imaging signal. I am also adding Endocyte (ECYT) and selling Avexis (AVXS) following the Novartis acquisition.

Portfolio holdings – May 28, 2018

biotech portfolio - after changes - 28-5-2018

biotech etfs - 28-5-2018

63 thoughts on “Xenon – P1 data provide more de-risking

  1. Thanks Ohad, very informative as usual!.
    You left aside XEN007 for Hemiplegic Migraine. Not interesting?

    A few interesting IPO fillings I would appreciate your opinion about:
    AVRO – GT for Fabry, Gaucher, Pompe
    MGTA – cell therapy inherited metabolics & blood cancer

  2. Ohad and ALL
    Here is my list of 30+ GT drugs I keep track on. Any comment on omission, error is appreciated. It is an Excel table but formation will lost. Data from company of analyst’s presentations

    Comp. Trail. Target Pivotal Approval
    ABEO EB-101 RDEB –yes 2019
    ABEO ABO102 MPS-IIIA 2018 ? 2019
    BLUE Lenti-D CALD –yes 2019
    BLUE Lenti-Gl b-thal –yes 2019
    NITE REP1 Chloroid. –yes 2019
    VYGR AADC Parkins. –yes 2019
    ABEO ABO-101 MPS-IIIB 2019 ? 2020
    QURE AMT060 Hem-B 2019 ? 2020
    ONCE SPK9001 Hem-B 2019 ? 2020
    AVRO AVRD-01 Farby 2019? 2020
    BOLD AT132 XLMTN 2019 ? 2021
    BOLD AT342 CrNaj 2019 ? 2021
    RCKT RP-L02 FrAn 2019? 2021
    RGNX RGX-314 W-AMD 2019? 2021
    RGNX RGX-501 HoFH 2019? 2021
    RGNX RGX-111 MPS-I 2019? 2021
    BMRN BMN270 Hem-A 2019? 2021
    FCSC FCX-007 RDEB 2019? 2021
    QURE AMT-061 Hem-A 2020? 2022
    QURE AMT-130 Hunting. 2020? 2022
    SGMO SB-525 Hem-A 2019? 2022
    SGMO SB-FIX Hem-B 2019? 2022
    SGMO SB-318 MPS-I 2019? 2022
    SGMO SB-913 MPS-II 2019? 2022
    RARE DTX301 OTC-def. 2019? 2022
    RARE DTX401 GSD1A 2019? 2022
    ONCE SPK7001 Choroid. 2019? 2022
    ONCE SPK8011 Hem-A 2019? 2022
    AGTC XLRS xRS1 2019? 2022
    AGTC ACHM CNGB3 2019? 2022
    AGTC ACHM CNGB4 2019? 2022
    AGTC XLRP RPGR 2019? 2022

  3. Ohad

    ESPR.Being that you think the death imbalances were probably just bad luck, what will be the determing factor for the FDA, to either approve while the CVOT trials are still ongoing or waiting another 3+ years for those trials to complete before possibly approving their cholesterol pill.

  4. andre –

    XENE – I am less excited about that program (but also less familiar), typically prefer innovative drugs and MOAs.
    AVRO – I like them a lot, it’s about time someone does something in those LSDs to replace enzyme replacement therapy which is not optimal. The flip side is that you have an effective alternative so the bar (safety and efficacy) is set higher.
    EIDX – Don’t know them well.
    MGTA – Sounds like a unique approach to revitalize a field that hasn’t seen a lot of innovation. Need to learn more there.

    Thanks for sharing the list, very nice.

    Dave (ESPR) – That’s a good question as I don’t think the FDA will take any chances with this type of drug if there are troubling signals. I guess long term follow up and data from additional studies will help to demonstrate that mortality is balancing out, we’ll see later this year…


  5. Hi Ohad, any thoughts behind your ecyt buy? Any comments on arql at the current valuation? I was also looking at Xene if it works for tinnitus as an offlabel? The market is huge. Thank you

  6. Any thoughts on (prqr)proqr? The valuation and pipeline seems attractive. Thanks

  7. hey Ohad
    thanks for this new post and the replies to the questions.
    I had already added some XENE to my position given the recent results, low market cup, and your insight into the two compounds and how they are partly derisked.
    Have you ever looked at MTFB? They are submitting to the FDA the ph3 for their antibiotic for bacterial infections. Market cap is low ($120M) and the distinguishing factor or their drug is that it is safer than standard of care vancomycin (safe clearance through kidneys). It seems that 20-30% of vancomycin users have kidney AEs.
    It seems the company is poised for a partnership or buyout.
    Additionally, any opinions on TRIL, also in light of results by DC47 competing companies?

  8. ECYT

    The stock Climbed up nicely in the past. You are still optimistic about further upside – can you explain why and How do you estimate the Potential market for their lead drug? Thank you!

  9. FMI – what do you think the chances that it will be acquired?
    AGTC – Speaking of cheap, Is it still attractive?

  10. Hey Ohad
    any opinions on the TPIV merger with MarkerTx out of Baylor College? They claim that Marker’s carT tech is more scalable, and 1/10th the cost of KITE’s carTs (to produce), while also targeting multi TAA. Additional benefits, though size of trial to date is only 60 patients, are more durable responses and no grade III AEs. Market cap of combined companies is $50M. Went up15% today on WBB securities buy (from speculative buy). Merger was finalized days ago and company will rename itself and move to Houston, TX.

  11. Michael (ECYT) – Their Lancet Oncology publication caught me by surprise, was not aware of this program and data look very compelling, especially the response rate in soft tissue lesions, in contrast to Xofigo which affects only bone mets.

    XENE – Not familiar with tinnitus as an indication for their compounds.
    ARQL – Can’t discuss, sorry.

    Michael (PRQR) – Haven’t looked at them for a while, still not sure how their drugs work and the CF data were quite preliiminary from what I recall.

    MFTB – In antibiotics I prefer to focus on novel drugs with new MOAs as it will always be hard to compete with cheap generic antibiotics. What the world needs is innovative drugs against multi-drug resistant infections, not just a slightly better safety profile.
    TRIL – So far CD47 is a disappointment just like all other checkpoint inhibitors, hope that changes…

    Gandalf (ECYT) – I think a radioactive injectable will never be as big as Xtandi or Zytiga but it can definitely reach 1B in sales even as 2nd line treatment (before chemo).

    Alex –
    FMI – Honestly speaking it is hard to figure out what is going there with the stock price approaching $100.
    AGTC – I plan on holding, hoping for clinical catalysts next year.


  12. What about TPIV?
    Thanks; makes sense re antibiotics- CFRX and APHB are the two in my portfolio with new MOA (phage end lysins). Ph2 results for CFRX in next 6 months.

  13. What’s up with AGTC doing a S3 filing? Why do they need to raise cash thru offering in near future ? They have nice cash and 0 debt? Thanks

  14. DAn –
    Don’t know TPIV, With respect to the two others, I would prefer classic small molecules as phages and lysins may be challenging.

    Luigi (AGTC) – Agree, don’t see the need raise cash.

    Alex (MDGL/VKTX) – Thanks. Good data, important validation of non-invasive imaging. Placebo arm did quite well…


  15. Hi Ohad,

    Great news and congrats on MDGL/VKTX. Had two queries – VKTX’s drug apparently has a similar action to MDGL’s and an additional target but does its success follow automatically? Also I remember that ICPT jumped all the way to the mid 400’s on similar news but came back to earth due to later results… are there any such risks with MDGL?

  16. Nice call on both MDGL and VKTX.!!
    Somebody has to run a trail comparing placebo to nothing and make the placebo an approval-able drug. FDA will go for it with such good data
    Placebo had 32% NAS decrease of 2 points and 23% decrease in fibrosis!!!
    Anyone of the NASH companies would be happy to show such performance.
    Nice data in LDL-C reduction as well – 28.5% reduction in pts which do not tolerate statin.
    Interesting that ESPR is up on that new?!?

  17. Les (MDGL/VKTX) – Thanks. This is clearly the best NASH data set I have seen to date. Not perfect but clearly in the right direction.
    VKTX’s VK2809 also targets thyroid beta so it belongs to the same class but the molecules are different, have a different selectivity profile and so far VKTX’s data contained some safety signals that have not been observed with MDGL (different populations, cross trial comparisons etc.). So success is definitely not automatic. Similar case to SAGE/MRNS.
    Yes, the risk of seeing a significant pullback in MDGL is very real, a lot depends on long term safety profile, which is still an open question and many people are nervous about chronic activation of thyroid receptor.

    andre (MDGL/VKTX) – Thanks. Indeed, placebo is a very effective drug. I suspect that lifestyle changes are behind a lot of this change. I agree, good LDL activity and I am also surprised ESPR went up yesterday. We need to remember that MDGL is still a long way from approval and not sure whether they will actually pursue classic LDL reductions but definitely a threat to ESPR. ESPR’s two main advantages in the effect on CRP and the larger safety database.

    Sam (ICPT) – I prefer other NASH drugs like MDGL/VKTX. Even with FXR agonists there might be better, more potent and selective drugs in development.


  18. Hey Ohad,
    Where do you see your portfolio going in the next 6-12 months? I wonder your take on the big picture and the overall sentiment (for the portfolio). It seems that stocks such as XENE and the GTx stocks have significant margins for growth, and you were saying KURA could potentially double.

  19. Hi Ohad,

    Thanks much for your responses.
    Saw another article to add to your great analysis of XENE (although different conclusion I.e. relook at it later in the year seemingly based on assumption that there will be better entry points due to the ATM share sales).

    Of course people often wait for too long :-).

  20. Hi Ohad,

    Regarding valuation of MDGL. It stands at around $3.9B. At its peak ICPT went all the way up to around $12B. Room for MDGL to double at least?

  21. Ohad
    could you please comment on the ZYME data
    Good activity for a single agent. In breast cancer they had 50% DCR (PR+SD). 4 more also responded, bringing the DCR to 72%, but they had CNS metastasis and were considered Progressed. Is there any drug that can be used as a combo to prevent that? ZW25 was very safe (only Gr1 and 2) so the combo looks visible.

  22. Hey Ohad,

    what do you think of Genmab? I know you sold the stock 2 (?) years ago. Stock has fallen sharply after they stopped the Darzalex-Anti-PD-(L)1-Study. They are now more than 30% away from their ATH last year. Do you see this as a good entry point? And how do you feel about their early stage pipeline?

    Thanks for sharing your thoughts.


  23. Ohad, Andre,

    regarding ZYME, it is now already in the part 3 of Phase 1 where combination cohorts with chemo are being tested:
    – Paclitaxel
    – Capecitabine
    – Vinorelbin

    I am not familiar with these chemo-regimens in HER2 expressing cancers, but Ohad, what’s your general thought on these combinations? (side effects profile, efficacy,…)

    What other combination agents would be an option?

    Does the considerable drop in RR for the breast cancer patients worry you?

    The data for the Daiichi Sankyo ADC DS8201 seem very strong, but safety not comparable at all to ZW25 either

    Do you see room for both?

    ZW25 seems to be an excellent backbone for an ADC. let’s hope ZW49 will move along fast and that Kairos ADC-tech is not a dud.

  24. Hi Ohad

    can you please share some thoughts about cellular anti-cancer therapy? Namely what approach do you think will eventually win – allogenic (Cellectis, Allogene) vs autologous (JUNO KITE). What technology/firm has the highest chance to crack tough solid tumors? And lastly do you have some favorite stocks in this field? Maybe some overlooked underdogs? :-)

    Thank you again for your terrific blog and have a nice weekend. Milos

  25. Christian,
    I guess the safety issues with DS8201 was the reason Daiichi signed a collaboration with ZYME.
    About brain metastasis, I remember CASC had TKI inhibitor, which was working well against that. SGEN bought them, but probable something else is available for a combo. I don’t believe chemo would help.
    ZW49 may also not help since is the same as ZW25 but with payload.

    I am a bit puzzled by the bb2121 data. They reported 11.8 months PFS and many on bio-twitter say is not good enough and bb2121 is not a real cure.
    But they got 50% CR in the high doses. So 50% of the patients are happy and cured. How this “low” PFS and high CR come mathematically / statistically together.

  26. Hi Ohad,
    LOXO and Blueprint have been in the news recently. Your thoughts on RET and any early stage companies for your GT basket?

  27. Hi Ohad

    Re the imbalance of deaths in Esperion’s Study 1 … doesn’t the continuation of the CVOT answer that question? BTW thank you for the blog … I really enjoy it … best regards, Mike

  28. Ohad
    A few more IPO coming soon, I would appreciate your opinion about:

    APTX – Ph2 with selective NMDAr modulator for chronic pain. A collaboration with AGN with a drag from the same class for Major Depression Disorder may validate the platform

    MGTX – GT with 3 Ph1 in ophthalmology, one Ph1/2 in xerostomia; + preclinical in CNS (ALS, Alzheimer’s) . Potential 380M cap at IPO price

    KZR – 2 Ph 1b and 4 Ph 1a in several autoimmune diseases. They claim ” first-in-class selective immuno – proteasome inhibitor”. The lead trail is in systemic lupus, which probably a bit risky, but the platform in general looks interesting

  29. Ohad

    The NKTR/BMY data set in melanoma and kidney cancer showed a lesser response as more patients were added. They point to the fact that these responses with improve over time as it was early in treatment, and that the ORR increased to over 70% from a previous 46%. How would you interpret this data, in light of the fact that the PD-L1 negative responses were about 50% which is quite impressive. I guess time will tell, but do you think the expected negative reaction is warranted.

  30. Ohad,

    Thanks as always for the blog. I appreciate your effort. Is there any comment on ZYME? Anyone? Sorry I just don’t understand the negative reaction? Am I missing something?

    Best regards,


  31. DAn – I wish I knew….. 😉

    Les (MDGL) – This is the point in which every estimate is very speculative as NASH still doesn’t exist as a commercial indication. A lot of open questions but a conservative scenario can easily get us to $1B in sales.

    andre (ZYME) – Efficacy signals are still there, nice to see more responses in gastric cancer, but durability continues to look a little weak. Daiichi’s ADC looks more potent but ZYME has a much better safety profile so combination regimens are more straightforward.

    Martin (Genmab) – I was surprised the market had so much hope for the PD1 combination programs, I always view it as a wild card. Their pipeline is still early , the AXL program looks intersting but nothing I would put in models for now.

    Christian (ZYME) – I think it’s the right way forward with a well tolerated agent. Curious to see combination studies with other HER2 agents (in cases where there is no direct competition). I certainly don’t think te drop in RR is a good sign but even after the drop efficacy is there.

    Yes, there is room for both but at least in late lines it might be a zero sum game.

    Milos – Unfortunately there is not a lot I can say, Pontifax is invested in two companies that are developing adoptive cell transfer (including allogeneic) so prefer not to discuss.

    andre (BLUE) – I thought data were still quite strong in this population. The discrepancy between the high CR rate and the PFS figure can be explained by relapses after seveeral months of remission.

    Les (LOXO/BPMC) – LOXO’s data were great, numerically superior to BPMC but hard to compare at this stage.

    Mike Iles (ESPR) – Thanks. I guess they have periodical safety monitoring reviews but not sure how they look at the data on an ongoing basis.


    APTX – Interesting to see NMDA drug for pain, not familiar with the program.

    MGTX – I like the xerostomia program, pretty cool approach but no data wit the new vector.

    KZR – Good biology, need to learn more about them.

    Dave (NKTR/BMY) – Yes, I think the reaction is more than justified. I have serious doubts about NKTR and ARMO, looks like IDO all over again.

    Peter (ZYME) – There is simply a drug for the same population with better efficacy. ZYME has the upper hand safety-wise but response rate in breast cancer is lower than previous update.


  32. Thanks!
    What are your thoughts on Forty 7 IPO and the results they are boasting? Another IDO?

  33. What 2018 IPOs are you interested in and why? Ignoring for now the valuation since biotech IPOs of recent years always open at ridiculously high valuations…

  34. re 47
    endpts.com, in a recent article, calls the results “impressive initial snapshot.”

  35. DAn – It’s another IDO because they have some monotherapy activity (limited and preliminary of course…). The Rituxan combination data is hard to assess as a single arm study. Not sure I would call them “impressive” but at least they have a signal. In any case, valuation will probably be too high given stage of development.

    Kay Lee – I don’t have a particular IPO I am following. Obviously, GTx companies are of interest.


  36. Hi Ohad
    What do you think about the result that publish in NERV ?


  37. Ohad
    About KZR – in S1 they wrote that MOA is validates with data from Velcade and Kyprolis. But they can’t be used long term due to side effects. KZR-616 does not have the same AE because is selective proteasome inhibitors. If it works in all autoimmune cases for which they have positive data with Vercade – it would be enormous!
    In Ph 1a they had only Gr1 and 2 AE but no one typically associated with Velcade, which somehow validates their main point. They said that they may start directly registration trails in multiple indication after Ph 1.
    What do you think about the above claims, do they make sense and how easy is to get 616 approved as a basket case for a bunch of AI diseases, like LOXO did in TRK fusion.

  38. Hi Ohad,

    What are thoughts on MEIPs PIKdelta? Bringing Dan’s question into the mix, I realize there are LOT of competitors in the delta space and (BAD/POORLY adopted drugs to show for it) but the efficacy seems interesting in light of ~125mm cap and 30 to 40 mm in cash. Any thoughts about this or TGTX delta in light of Imburvica/Calquence/Ventoclax and other emerging or approved B cell agents?


  39. Hi Ohad,

    GNMX has 2 catalysts approaching , any opinion on their programs?


  40. Can anyone tell me why a company like Mirati would issue some prepaid warrants rather than all common stock in their most recent underwriting.


  41. Private placement to NEA has TPIV soaring 80%. What a deal for NEA, they buy in at $4 and overnight they double their money.

  42. Ohad

    ENTA.You have mentioned ICPT in the past and said there may be better FXR agonists out there. Are you familiar with EDP-205 from ENTA.The company has done extremely well with their Hep C drug Mayvret with Abbvie and I rarely hear them talked about with there NASH drug. The stock is up 500+% over last 5 years and receives royalties on Mayret sales. Do you think the 2+ billion mkt cap is fair value and do you see potential in there NASH program.

  43. JACK (NERV) – Not familiar of any meaningful new data. The recent publication contains data which have already been reported.

    andre (KZR) – Targeting the immuno-proteasome makes sense and could be relevant for many autoimmune diseases. Agree the drug appears safer than Velcade but data are still limited. I don’t think they can get it approved in a basket study like in oncology, must have a placebo controlled study (expected by mid 2020 for lupus nephritis).

    DAn (TGTX) – IMO no.

    Mike Witzmann (MEIP) – As you stated, there is a lot of competition and I am still not aware of any meaningful clinical differentiation.

    John (GNMX) – Haven’t been following them for a while, sorry…

    john (MRTX) – Strange… very uncommon in these situations.

    DAn (TPIV) – Still needs to eventually work in the clinic….


  44. Have you looked at israeli company GLMD?
    up 200% on ph2 NASH. What distinquishes their compound its the clean safety profile, with bodes well for combination treatment of NASH. Results otherwise are not too impressive. Market cap is now $400M, I believe…

  45. Ohad
    APTX presentation is available now on RetailRoadShow. Their approach looks validated – to modulate NMDA receptors. More than 20 potential indications, but they start with just 3.

    The experiments for memory recovery (short and long memory) in Parkinson is very impressive. Still pre-clinical in monkeys, but the results were shocking (to me). Not sure I understood how modulating NMDArs can overcome the dopamine depletion. And that’s after single administration of the drug?!?
    Any comment about that? Or just too early to be excited……

  46. Re GLMD
    reduction of fibrosis is equal to MDGL; both at 29%. However placebo in $GLMD’s study is 17% vs 23% for MDGL.

  47. While you’re looking at APTX/NMDA modulation…can you add a review of VTGN and their AV 101. Tiny market cap in a space that’s getting attention.

  48. Hey Ohad,
    I have seen a lot of criticism on Twitter of GLMD results; however it seems that the patient population they treated was much broader and less sick than MDGL. Moreover this was a global study across various continets, and supposedly variability of NASH phenotype makes it more challenging to get positive results. Finally, the drug greatly reduced ALT and has a cleaner safety profile than placebo, which, I wonder, might leave some room for increasing the dose? (So far the study has shown dose dependent reductions)
    What is your take? Do you agree that MDGL has conducted a fantastically well-executed study to limit AE risks and guarantee highest possible outcomes? But it remains to be seen how their drug will fare in reality, especially with regards with safety.
    Thanks for your perspective!

  49. Hey Ohad,

    KPTI is one of the few cos that has gone up in value after EHA. What do you think of the prospects for their drug?

  50. Wow what a journey Roche is buying the rest of the FMI for $135 per share….congrats Ohad

  51. FMI – now we know why the stock price was moving up and up and up.
    The chart looks the same as AVXS in the last 6 months – go figure why :)

    NTGN – IPO on June 27. The presentation is on RetailRoadShow. They seam to have a very strong clinical prove of principle. Wonder why GNCA is moving so slow

  52. Congrats one more time Ohad, you have done it again with FMI!

    Have you had a chance to relook at GEMP?

  53. Thanks as always for your analysis and insights, Ohad — very much appreciated. Congratulations on FMI!

  54. Ohad

    You recently said you just started following MGEN and were impressed that they were seeing activity with a systemic miRNA. Understanding that you are finding it harder to find biotech companies with sensible valuations, what would it take to start a position in MGEN which seems to have a relatively modest valuation of less than 300M.

  55. Good morning Ohad. Just to piggyback off of Andre’s inquiry Re: NTGN. I know you are not a fan of the vaccine approach however Neoantigens have obtained excellent CRs added to checkpoints in Melanoma. vaccine cocktail with the individual’s tumor specific neoantigen genome. Durability with this approach should be excellent. thoughts?

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