Introgen's Advexin Doesn't Work. Period.

(Editor's note: Come see Adam Feuerstein at the Money Show in San Francisco. Adam will be speaking to attendees on Friday, Aug. 8, at 2:15 p.m. ("Biotech Investing for Individuals: How to Turn Geeky Science Into Fat Profits"); on a lunch panel on Saturday, Aug. 9, at 12:35 p.m. ("Tech and Biotech: Picks and Pans for 2008 and Beyond"); and on Sunday, Aug. 10, at 8 a.m. ("Biotech Investing for Individuals: How to Turn Geeky Science Into Fat Profits").

The highlight for me from Thursday's conference call sponsored by Introgen Therapeutics (INGN Quote) came when Canaccord Adams' analyst Joe Pantginis -- he's a table-thumping Introgen bull -- said the following about Advexin, Introgen's gene therapy drug for head and neck cancer:

"So, thanks again for being on the call and just a quick question -- as with all novel technologies, there continues to be some skeptics out there. I would really love to get the views of our experts regarding an existing comment that exists currently that Advexin just doesn't work."

I was flattered, naturally, because the "existing comment" Pantginis referred to is mine, although he didn't capture its full flavor.

What I wrote, back in a December Biotech-Stock Mailbag, was: "Introgen is a terrible company. Advexin is junk. The drug doesn't work. The data are manipulated and false. Management misleads." ...