Keeping a beady eye on the data

Every so often, a small biotech comes along and produces just enough early clinical signal to make investors lean forward.

The story sounds clean: a defined population, a plausible target, a regulatory path, and a response rate worth noticing.

A key issue is what happens when the signal has to survive contact with larger trials, better resourced competitors who are already ahead, and the unforgiving arithmetic of oncology drug development…

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