MCH claims that the stock is up 450% since March lows due to "potential for Emab in lupus". This is a false statement. The stock ran from 90 cents to over 4 dollars on the strength of a variety of positive data from ASCO including PAM4, and the final data on the phase two of E plus R vs R in NHL. Emab in SLE had no role in that run as no data or even date for data release from UCB was available till late August when the stock popped from 4.25 to 7 dollars in one day. That jump was due to Emab in SLE, but not the prior run. MCH falsified the history of the stock performance in 2009.
The "Upcoming Milestones" table contains a series of error. The decision to proceed with a phase three by UCB has already been made, it is not upcoming in Jan 2010. Full data of the phase two is to be released in early MArch 2010, not June.
Under Vmab, he mistakenly lists update in refractory pediatric ALL, Vmab is not being tested in that at all. He doesn't mention testing of Vmab in ITP.
On HPAM, he also delays the data timeline, stating that update is to occur mid-2010, instead of Jan 2010 at ASCO GI, with release of abstract in December 2010. Given that the stock popped in June on release of the phase 1 abstract, it would seem that there is a very good chance the stock rises with complete phase one/early phase 2 data in December/Jan.
Overall, the timeline is full of material errors, errors which anyone doing real due diligence would not have made. |
