Amp funds are invested in a small percentage in CLSD currently (as of 10/6/18). We like the next-gen ocular steroid platform and the company at current valuations of $100M over cash. We see the upcoming RVO readout as somewhere slightly above 50% for meeting efficacy. In addition to efficacy, there is also the intra-occular pressure issue. Will the likely 10-15% IOP spook the market even if there is good efficacy? Finally, there is a much higher chance, in our view, that the trial shows longer term, as its prior trial showed, that less frequent Eylea injections are needed in the combo arm. However, we won't see that data until 2019. Either way, at about $100M current valuation above cash, some investors might be willing to play a small position in CLSD ahead of this readout, which has a good upside.
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