Good results or excellent results? We can speculate regarding the results bad, good, very good, excellent.
The point is if the PDC technology works not only because of targeted drug delivery bypasses the MDR thus less intrinsic toxicity and more efficacy but also less efflux(chemotherapeutic agent flows out of cancer cells), better circulation time/ intra cellular drug retention, prevention of metastasis, reversal of immunosuppression , decreasing vascular mimicry, improving PK(how body deals with the drug such as absorption, distribution, metabolism and excretion) and PD(how drug effects the body, the drug concentration and efficacy) properties of the drug due to a better lipophilicity/solubility/half-life(stability) etc etc, THEN good results are excellent results, and bad results are only if grade 2/3 or above toxicity is shown. The good and acceptable results can be at 4th or 5th cycle which theoretically could have been completed by mid-June as their PDC at 230mg/m2 is equaling to the Docetaxel at 100mg/m2 which is the therapeutic dosage of the Docetaxel, of course in case of DLT shown in earlier cycles those results needs to be verified on groups of patients based on 3+3 traditional cancer trials. Based on the upbeat presentation on June 21th, the new ambitious requiting and absent any announcement re the results one can presume thus far things are running smoothly which can explain the smiling faces during the webinar. Now they have all those parameters confirmed in animal models if they duplicate some or all of those results in humans then good results are excellent results. The technology has an arsenal of many therapeutic benefits each can reduce the grade 1(none-mild toxicity), grade 2 (moderate toxicity), grade 3 (dose limit toxicity) up to unacceptable grade 4- 5 toxicity, and improve the efficacy among others.
If they get to 7th cycle and no DLT in groups of patient these preliminary results potentially are very good indicators for the overall success of the trial. My point is for the drug to prove itself as commercial candidate they won’t need very good/excellent results due to the DNA of targeted delivery. This can explain why the market/analysts are on defense re the valuation, the technology is fairly new with few precedents as reference but again if successful it will be blockbuster in terms of scientific finding and commercial opportunities. I think when and if the good/excellent results are confirmed the company has a lot of heavy lifting to do in order to educate their discovery and potential therapeutic benefits of it to somewhat uneducated market.