Reflecting upon some other biotechs that I've held on the ASX, I notice an intriguing parallel. Successful corporate development often derives from management response to adverse drug development events. Take the following case in point;
Imugene: The initial lead drug candidate HER-Vaxx that was on the cusp of a transformative breakthrough has became a footnote in the accounts. Management seized the opportunity to acquire new assets in building towards a high water mark $3B capitalisation.
Neuren: The enormous commercial success of Trofinetide in Rett Syndrome was a follow up to a clinical failure in TBI.
PYC Therapeutics: A decade was spent developing a key technology without a pathway to the clinic. It took a new management team to develop a strategy to harness the technology to deliver novel RNA drug candidates.
I'm not suggesting any comparison and its best to ignore subsequent events like the trajectory of Imugene's share price. The simple point is that Percheron management have reacted to clinical failure in both a measured and positive way. It would have been easier to walk away but instead they have made an impressive commitment to find a way forward and back into the clinic.
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