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Stay Away From The NephroGenex IPO (And Short It Later)

How do you know that a biotech bull market is long in the tooth? Every putrid piece of crap that has not already gone public rushes to do so. According to, we are facing the largest number of simultaneious biotech IPO roadshows ever, even more than in 2000 (a pretty big feat for those of us who remember those days with stacks of reds constantly on our desks and traders asking us what to hold/flip/avoid).

One of them is Nephrogenex (NRX) which on the surface sounds like a legitimate company. They have Phase II data in an extremely large unmet medical need, diabetic nephropathy with a lot of it being statistically significant (at least in subsets). They are...

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