RE:capitalizationOh my god, I didn't realize there was a relation between your market cap and the chance of an FDA approval, when you're a one trick-poney (penny stock) biotech listed on the TSX. And since most of FDA' employees are midly retarded people who mainly focus on non-science and external facts like US partner and MC, I guess TST 's chances of getting that approval are now lower than ever.
Now back to reality. What do you guys expect at this point...a market cap of 400 $ millions because other one-trick poney biotechs "waiting for FDA approval" have market cap twice of that magnitude ? Well now you know what's like being a biotech penny stock on a canadian listing exchange that only cares about energy stocks. Add to this the "No" vote from the Adcom and you get your explanation why TST' market cap is around 100 U$. At the moment, the market doesn't expect a yes in the last week of february.
But maybe the market hasn't realize yet that there was no voting question on the benefit-risk ratio for the CIS-contaning disease subpopulation because well...the FDA didn't need it. Simply because they realized months before that this ratio was favorable. And that a discussion topic would be enough for the CIS population. Maybe the market also didn't realize that every comments on that benefit-risk ratio (question 3a) made by panel experts were positive...even from the "no-voters" on the final question.
And maybe TST understood at an early stage of the "pre-BLA talks" that the worst-case scenario for them would be an approval for CIS-containing disease patients (still way better than what got valrubicin, since only patients not fit enough to undergo cystectomy can get it "on-label"), explaining why they decided to take a shot at the (toughest) largest population possible. Maybe they felt more agressive with the targeted indication because they knew the FDA can't seriously give them less than what they gave to Valrubicin....which still is an FDA approval.
I know it sounds crazy for such a complex BLA request, but maybe the TSX "energy oriented" market is wrong about the chance of success of that FDA approval...
Please don't use Prometic market cap (2 billions MC with annual revenue around 25 millions) as a counterexample. That argument only shows you don't get how strong PLI' pipeline and technology is. Can't be compared to a one-trick poney biotech.
M80