Did Bavarian Nordic cheat on its clinical results?

05/08/2015 - 3 minutes

The hedge fund Kerrisdale Capital just published a report explaining its position in Bavarian Nordic, showing that the Danish company’s lead candidate has ineffective results. Kerrisdale is inviting other investors to leave their shares in the company before it’s too late. 

Bavarian Nordic is under attack! Kerrisdale Capital, an hedge fund with track records in short selling –a financial technique lowering the price of shares before repurchasing it– has Bavarian Nordic in focus and is ready to shoot. Kerrisdale’s research indicates that Prostvac’s phase II results stem from misleading comparisons, not real efficacy.

In the early 2000s, a company called Therion failed in a test of Prostvac, an immuno-oncology therapy, in men with metastatic castration-resistant prostate cancer (mCRPC). As result, Therion went out of business.

Bavarian Nordic, however, gained control of Prostvac and dubbed it a success, since a subsequent follow-up analysis showed that the treatment group experienced an improvement in median overall survival of 8.5 months, higher than the control group.

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