SELB 5-Month Data Update

SEL-212 data looks good thru 5 months, and therapy appears more likely approvable with future phase 3 trial, but data not exceptional because of early drop-outs. Negative market reaction to SELB data (currently at -30%) seems to be an incorrect reaction. However, negative reaction to competitor HZNP too (-10%), seems counterintuitive. Phase 3 can likely reduce early drop-outs by relaxing stopping rules, but this might increase infusion reactions. Long-term now more likely we will have 2 player market for gout patients with KRYSTEXXA + general immunomodulators vs. SEL-212. That should be good news for gout patients.