lehman update

If the Oct results were going to anything but good, a new CEO with 'specific expertise in clinical development strategies...' would have phase III recruitment on hold. How would PRR have even attracted this talented guy if CVAC prospects were poor? He immediately assessed all company activities and ditched a few because they were unproductive and ploughed on with CVAC recruiting.

The Oct IIb results will be good if only because the patients were all in remission - the target group for the commercialised product. For IIa they were all in actual or imminent progression. That is a big difference and it will show in the results.

Importantly, the comparability between 2 manufacturing sites, and the fact PRR is developing a 'platform' with ovarian cancer only the first to be launched from it should also resonate with the bigger players in the bio market.

The characterisation of PRR by Lehman in the recent presentation illustrated his value to the company in knowing the market, the process and the punters.

There will be lots of interesting trading no doubt, but the chances of bigger interests getting on board increases a lot after 15 October.

A seriously regarded guy in that environment like Lehman delivers more credibility in that arena than MR, who nonetheless did a very good job in the early phases by rounding up capital and retail investors.