Ann: Imugene Dose Escalates in Phase I Clinical Trial of VAXINIA, page-99

I am here mostly for CF33/Vacinia but I think the writing was on the wall for Hervaxx for people who have been following the play when, in the middle of last year, after repeated statements that progression free survival would be announced, the PFS milestone was quietly dropped by Leslie from the list of upcoming events. When she was asked about this, she said she thought it was "more prudent" to wait until the overall survival figures were available. "More prudent" is surely the archetype of the answer you give when you don't want to tell people what the answer really is: It sounds like a response but actually says nothing. And when a biotech quietly moves away from announcing a result, it pretty much always means the result was disappointing.

Call me a cynic, but that was a red flag to me about Hervaxx and I doubt that I was alone in that. People on HotCopper engage in all sorts of mental contortions to put a brave spin on such things but surely the wider market could not possibly have seen dropping the PFS results as a positive thing. So, because the big run-up in the share price occurred after this development, I have always assumed it had little, if anything, to do with Hervaxx.