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Biotech Stock Mailbag: Vivus, Chelsea, BioCryst

By the way, Teva (TEVA) and BioSante have not disclosed the exact royalty rate on Libigel sales except to say that it's mid-single digits.

Bob H.'s email is more indicative of the response I've received about BioSante this week:

"Wow, you are a bleep ing bleep ! Pretty clear you bleep ing some bleep , you bleep ing bleep . Go bleep yourself -- nobody likes you."

I did post the uncensored and clearly NSFW version of Bob's email to my Twitter feed for those who want a laugh.

@oncoslearning asks, "What's your take on Exelixis (EXEL - Get Report) and the impact of their recent stock offering?"

The $65 million stock offering, priced at $5.50 per share, probably doesn't do much to enhance Exelixis' credibility with investors. Remember, the company raised money almost a year ago at $11 per share. Deal pricing is going in the wrong direction.

Stepping back from the stock offering, Exelixis' experimental prostate cancer drug cabozantinib -- "cabo" for short -- suffers from an identity crisis. Existing cabo data suggest the drug is effective at reducing bone pain in late-stage prostate cancer patients, yet FDA won't allow the drug to be approved based solely on a pain-lowering benefit. Exelixis must show that cabo can prolong survival but where is the evidence the drug can do that?

Further clouding cabo's future are competing drugs -- Zytiga, MDV3100, Alpharadin, OGX-011-- that have demonstrated or may demonstrate a survival benefit in prostate cancer patients well before the two phase III studies of cabo are completed.

For Exelixis, cabo might be too little, too late.

--Written by Adam Feuerstein in Boston.



>To contact the writer of this article, click here: Adam Feuerstein.

>To follow the writer on Twitter, go to http://twitter.com/adamfeuerstein.

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Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.
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