How to Review Biotech Clinical Data

Introgen Therapeutics (INGN Quote) on Sunday presented new clinical data on its gene therapy drug Advexin. Unfortunately, the new information does little to rehabilitate Introgen's reputation as one of the biotech sector's worst dissemblers.

I've made no secret of my low opinion of Introgen, its drug Advexin or management, which I believe have bamboozled investors for years. Fortunately, the tricks and spin aren't working as well as they used to for CEO David Nance and his Austin, Texas, gang.

In the few days since the Sunday release of the new Advexin data, Introgen shares are off roughly 8%.

Sensible investors have long ago written off Introgen (except short-sellers, for obvious reasons). But the company is still worth covering because there's a teaching moment with almost every press release. Introgen is like a living textbook for what investors need to be wary of when considering a biotech investment. ...