the real deal

On rereading last week’s company comment on the multi-dose oxymorphone patch trial results, I was struck by the tone of the language. This was more than upbeat. This was confident, excited and positively bullish.

Now some will argue that this was just “typical spin”, but after comparing the company reaction to this result with that of previous successful trial announcements as well as the tone of last month’s sombre newsletter, I’m convinced that the language used is reflective of genuine excitement and confidence by both CEO Harry Rosen and CSO Dr Paul Gavin.

Firstly, CEO Harry Rosen answered the skeptics.

“The questions as to whether our opioid patch technology works have been categorically answered by these results...” As to whether POH’s TPM oxymorphone patch was capable of providing analgesia for patients with chronic pain conditions “... the Phase 1 result emphatically answers that question”.

The drug delivery profile achieved was described as both “excellent” and “exceeding expectations”.

The significance of what had been achieved was stressed. “For the first time we have delivered a drug that has never before been delivered through the skin at a level comparable to dosing by other means” Harry Rosen said. He added that “This result represents the biggest milestone in the Company’s history. It is a world class achievement by Australian researchers.”

CSO, Dr Paul Gavin, quoted in The Australian, described it as “a staggeringly good result”. In his opinion “The importance of the success of this trial cannot be overstated.”

The significance of the result to POH’s commercial way forward was similarly emphasized. Harry Rosen stated that this was the “most commercially significant trial result ever achieved by Phosphagenics.” He explained that the Phase 2 study to follow next year will now focus on “optimising commercial appeal.” US analgesic commercialization expert and strategic adviser for POH, John La Lota, confirmed “We expect to attract significant interest from potential licensees”. La Lota also expressed the opinion that an opioid product that reduced both side effects and the amount of opioid required (75% less than oral Opana ER) “ought to be very attractive to the FDA.”

To my mind, there’s no mistaking. This isn’t “spin”. This is the real deal.