This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Inovio Declares Spin-Laden Victory With DNA Vaccine

Updated from 10:17 am EDT with new information.

Inovio Pharmaceuticals
(INO - Get Report) declared a spin-laden victory Wednesday from its phase II study of the DNA vaccine VGX-3100 in women with high-grade cervical intraepithelial neoplasia (CIN 2/3), also known as cervical pre-cancerous lesions.

Surprised? Not really. I believe Inovio's goal from the outset was to find any nugget of positive data from the VGX-3100 phase II study -- even if the study actually failed -- in order to rationalize a move to a phase III study. The press release issued by Inovio Wednesday appears to have accomplished this goal.

On a per protocol basis, Inovio says the response rate to VGX-3100 was 49.5% compared to 30.6% for placebo -- a statistically significant difference. Response rate in this study was defined as regression of pre-cancerous cervical lesions from grade 2/3 to grade 1 or no disease. 

But Inovio's per-protocol analysis of the study's primary endpoint omits patients. How many patient are missing from the analysis? We don't know because Inovio didn't disclose. The study was designed to enroll 148 patients, according to a design schema on, but Inovio could have enrolled more. If 148 patients were enrolled, Inovio's per protocol analysis omits five patients -- four treated with VGX-3100 and one patient on placebo. 

Inovio did not disclose the more important intent-to-treat analysis of the study's primary endpoint. 

Shares of Inovio are up 17% to $13.03 in Wednesday trading. Spin works, at least for a little while.

Update: Inovio filed an 8-K with the Securities and Exchange Commission following this morning's press release stating an intent-to-treat analysis of the VGX-3100 study was also statistically significant. The company did not provide any specific information about the response rates, number of patients or p value from the intent-to-treat analysis.

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.


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Adam's Tweets

Select the service that is right for you!

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
Real Money Pro

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Trifecta Stocks

Trifecta Stocks analyzes over 4,000 equities weekly to find the elite 1% of stocks that pass rigorous quantitative, fundamental and technical tests.

Product Features:
  • Model portfolio
  • Trade alerts
  • Recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Growth Seeker

Chris Versace, using sophisticated stock screening and fundamental research, identifies potentially explosive small and mid-cap stocks.

Product Features:
  • Model portfolio
  • Small-cap and mid-cap focus
  • Intraday trade alerts
  • Weekly roundups
Daily Swing Trade

Master swing trader Alan Farley uses his sophisticated software screens to review thousands of stocks each day for you, to find just the handful that meet his demanding criteria.

Product Features:
  • Daily commentary and coaching on swing trading
  • Technical charts and analysis
Top Rated Stocks Top Rated Funds Top Rated ETFs