Tocagen has excellent data but is priced like a biotech startup.
Tocagen cured roughly a quarter of glioblastoma patients in a Phase I trial.
The pivotal trial was fully enrolled ahead of schedule, and at the first interim point, investigators recommended the trial continue with no change to the method.
A successful Phase III trial would lead to a material revaluation, in line with other gene therapy plays.
Tocagen's primary asset is a development program for glioblastoma, an incurable brain cancer.
The company has excellent clinical data, but is priced like a concept biotech, with no in-human data. This value gap between the