lung cancer trial fails, page-12

The market is very small in the US and Europe, but possibly revenue neutral in Asia, where the disease is more prevalent.

Comparing PI-88 to Avastin is unfair, with PI-88 now completely missing the endpoints on its first trial outside the liver cancer indication. It is worrysome that there is no detectable cancer-fighting activity, and this is strongly suggestive of Phase III failure, in my view. If the mechanism was sound for liver cancer, then some activity - any activity - would have been reported for lung cancer.

The future of PI-88 as a viable drug for multiple conditions is now dead. It is time to cut their losses, and try to find a lead that can actually generate meaningful revenue.

Strong sell.