Monday, April 14, 2014

Welcome to 'The Wait'

With Tekmira sliding today 15-20% and the rest of RNAi, and in fact biotech sector, trading weaker by the hour, I will acknowledge the technical damage and view this cementing the end of the RNAi Therapeutics Revival Era (2011-2014).  The new 3-year segment can likely be called ‘The Wait’ as following various human proof-of-concept gene knockdowns, we have accepted that RNAi Therapeutics are real, but still would like to see first products approved to fully declare victory.

RNAi Therapeutics sentiment follows 3-year cycles with striking regularity: it all started with the 2002-5 Geek Phase, one of benign ignorance of the technology, and was followed by the 2005-2008 era of Irrational Exuberance when Big Pharma gave away money regardless of technical obstacles. This then foreshadowed the 2008-2011 era of Doubts and Despair when no matter how good the scientific news, it fell on deaf investor ears.  Finally, we are still all too familiar with the 2011-2014 Revival where those that persisted reaped life-changing rewards.

I was prepared for this sentiment change to occur, but not in so drastic fashion.  Also, that Putin invading the Ukraine, a senator writing a Letter of Ignorance to Gilead, and a new Chairman of the Fed stumbling in her first important speech would get the ball rolling was unexpected.  It would have made more sense for Arrowhead Research to first demonstrate gene knockdown with DPC before assuming the waiting mode.

For investors this means less reliance that the general RNAi Therapeutics sentiment will elevate stocks.  Instead, attention needs to be paid to each company’s clinical trial catalysts.  For companies it means to stay fiscally conservative and focus capital largely on expanding pipelines instead of the technologies at their disposal.  Fortunately, the healthy cash balances of a number of companies (Alnylam, Tekmira, Arrowhead Research, and Dicerna) mean that they can afford to do so and are shielded for the moment from the need to raise capital.  Product-oriented deals such as in HepB are always on the table to supplement the balance sheet.

Novartis revealing today that it has given up on its internal RNAi Therapeutics pipeline development efforts  was both surprising and not.  Not surprising since it is obvious that these tired Big Pharma R&D organizations have even failed just to copy the leading RNAi delivery technologies from pure-play RNAi Therapeutics companies.  With the exception to some degree of Merck, the RNAi work from Big Pharma that has transpired has been nothing short of embarrassing.  Surprising in that one would have thought that Novartis would take their 31 target picks and marry them to delivery technologies from either Tekmira or Arrowhead Research.

The question now is who will get the picks.  Although rapidly deteriorating in value, the picks would give a company leverage over the very Alnylam that licensed them to Novartis.  This is because Novartis enjoyed preferential gene target picking rights.


And finally, full disclosure, I in fact did sell.  Not that it makes any sense scientifically.  I do not, however, want to make the mistake of ignoring the fact that the market has changed and ride it down any further.  I will continue to follow the science and markets here on this blog and hope you will do well in spite of me.   This is a very difficult post, but I know that in the end I will be measured by my ability to forecast.

44 comments:

Anonymous said...

So all this pump, pump, pump TKMR/RNAi. Then what do you do, sell at the bottom?

Buy High, Sell Low!

Anonymous said...

they say its a bottem when good people bail. Oh well. Ive added and tripled my position in TKMR today alone.

experiencedmentor said...

You risk missing...4,3,2,1, ignition and lift-off, Dirk. News that TKM-Ebola works from Africa and the entire RNAi sector will double overnight. You are playing right into the hands of the computer-wielding, market-manipulating, high-frequency traders, Dirk. You disappoint me, my friend.

experiencedmentor said...

As my son likes to say, "Perhaps you need to make an appointment with your gynecologist?"

Anonymous said...

Should never get freaked out by the market, granted we all should have sold at 30 and waited for the pullback I mean atomic bombing of shares. But what the heck, it will go up if fundamentals are intact. I dare say, Ive never seen a more capable management than TKMR's and potential is enermous. To sell now makes no sense at all. Silly boy. Dont worry though, you got tomorrow to get back in.

Anonymous said...

I'm not a TKMR investor, but I have to agree with Anon 1:24PM comment.

The constant pumping of TKMR (at the expense of other RNAi companies), then 24 hours later bailing at the slightest blip. Something doesn't quite add up... #spideysensetingling

Anonymous said...

He needs to sell in order to buy his RXi and Benitec positions.

He claims full disclosure. It can only be full if TKMR was the only stock in his portfolio.

The inference is, he has sold at the time of writing.

That's not full disclosure at all.

Move along folks. Nothing to see here. Just same old, same old twaddle.

Anonymous said...

That, is exactly what we've been looking for from you: capitulation.

It should be noted that, as a trader, you simply have no talent.

This was brought to attention with your call to short ALNY just about this time last year, supposedly as a hedge against your heavily long ARWR.

As we know, for the next several months ALNY surged and surged while ARWR languished.

When ARWR finally took off, you sold it early, in December, to roll it into TKMR languishing, thus necessitating in your mind a great many boosting blog entries and tweets.

They culminated, sadly, with your downright negative spins on ARWR in the suicidal effort to boost sagging TKMR price on a very important day.

I am reminded of the Shakespearean line: "you know not what you do." You killed ARWR on the pivotal options expiry day just as it was getting to break out with that infamous and insincere blog entry.*

And thus you killed the timely leading RNAi stock with the huge and monumental target, no less than the holy grail, HBV, about to begin the clinical trial that would change the world forever. It was one hell of a beautiful chart.

Only to waste your time pumping today, TKMR's in-to-the-future HBV candidate, and that Canadian company's god-awful chart - poor choice X2.** With mounting ignorance, you spent the last of your credibility pumping ebola with its miniscule footprint hoping to, as revealed in your sad tweets, double TKMR stock price overnight.

So it's really wonderful news that you've capitulated and sold it all. Stick to something you've been at least trained to do.

We can look forward to future blog entries that are facts-based and free from the destructive influences of poorly chosen trade positions.

For Arrowhead Research, it's on schedule to change medical history, with or without Dirk Haussecker.

As we all know, the way RNAi works, that news can break anyday.

Some have waited ten years for this. We're literally down to counting the days.

- investron


*Read the short's comment on that blog post. He asked when you were going to dump TKMR next?

**See that virtually all analysts put TKMR's price target below ARWR's. Most poignant of all is RBC (Royal Canadian Bank).

Anonymous said...

Alnylam knows what are the target picks of Novartis. Alnylam has a ton of money. Tekmira and Arrowhead can't afford to depart with their cash when their stocks are in toilet. If Alnylam thinks that the target picks of Novaris are very valuable then they can easily out bid both ARWR & TKMR. But I doubt ALNY even cares for Novartis's target picks when they are so busy with a dozen of their own undisclosed targets. I also suspect many of the target picks of Novartis are worthless and probably outside the liver.

Anonymous said...

Thank god he hates BENITEC, means only one thing; $100 per share coming by 2017!

Anonymous said...

Your ability to forecast is all you have left.....and yet you give Benitec no consideration in any of your forecasts....Means Benitec is a winner!

Anonymous said...

I totally agree with the sentiments expressed so far and as such am very disappointed with your inability to stick with a company whose science your blog has consistently upheld. You have developed a significant following and up until recent posts I have perceived your blogs as a credible source of intelligent RNAi analysis.

"This is a very difficult post, but I know that in the end I will be measured by my ability to forecast."
Is that a typo; did you mean "inability"?

Brian said...

A number of posters here berating Dirk for selling 'at the bottom' - who knows if today's action was the bottom? With big-pharma bailing on RNAi technology, saying the applications for this tech are just not there, I too bailed. Not making predictions, but TKMR could just as easily visit the single digits again as rally back to $20. May look at going long again if it does go below $10.

Anonymous said...

By the way Benitec is now in the process of opening a lab in San Diego run by Dr. Suhy

Anonymous said...

Listening to Investron is like getting advice from Goldman Sachs. Lookout Muppets!

He's one of the biggest Tekmira bashers around. Go read his Yahoo posts on the TKMR message board.

Talk about about the pot calling the kettle black.
Massive Hypocrisy.

Terry Chrisomalis said...

I don't think selling was a good idea if you bought in low, if you are a long term investor and believe in RNAi technology then you should have remained strong. I got in low on RXII actually at .08 cents per share before the reverse split and after the spinoff. Anyways I'm sorry to hear you sold Tekmira but if you truly believe in the lipid nanoparticle technology it would have been a good idea to remain after doing proper due diligence which is something I list on my website. yes it is bad now investors are losing money but there will be a bounce back and will come back stronger than ever. I think RNAi is in the show me a pass of phase 2 stage other than Alnylam which has already shown efficacy in phase 2 and moving on to phase 3. But what will happen on phase 2? Either make or break for all these companies. But for those who have done the proper DD then remain strong and believe in the RNAi tech I am still in RXII and will remain in RXII until the phase 2 readout!

Anonymous said...

It's called risk management. If you were long at 8 or before it was easy to ride it up but at some point you're too overweight and need start taking some off. Stop loss strategies are always good. I was able to stop loss down until we hit 21 and then held onto the same position I had at 8 in terms of value - not shares. So it sucks to lose some more over the last few weeks but I'm still up huge and have the same total investment with less risk than before.

I had 16k in the company in December and it got up to 60k. I was overweight and used stop loss to dump to pocket 40k and still have my position back at 16k. It's a bit less than that now but it isn't a killer when it drops 20% either and if we go to 0 I still won.

If you dumped it all you made a critical mistake of not unloading a suddenly overweight position and selling low.

Anonymous said...

You have a new friend: Adam Feuerstein. He retweeted your capitulation. I think you deserve him. You pump TKMR like there is no tomorrow - and then you sell out when it gets a bit tough?

Well, ok, I personally think you should close your blog and focus on something that has nothing to do with the stock market. Regardless - close it!

Anonymous said...

I will say seeing that you bailed on TKMR at the end of a trying day was a kick in the stomach while down. Although, end of the day, it was my choice to follow your recommendations. And my choice to buy soo much tkmr. I think youve lost the trust of many many people.

Anonymous said...

First time reader here via Adam Feuerstein.

I have to say the comments on here are downright Bitchy! I don't know the history of your posts but it sounds to me like you just hit a stoploss. Its not selling the bottom like everyone says. You did the right thing Dirk. All these asshole commenters will hold these stock to zero because they don't know what risk management is.

I personally don't have strong opinion about these RNAi stocks other than they all ran up huge in a short amount of time and are now crashing back to earth.

Gun to my head, coming from a professional trader, you did the right thing.

Stay positive. There will always be more opportunities.

Anonymous said...

"I don't know the history of your posts but it sounds to me like you just hit a stoploss. Its not selling the bottom like everyone says. You did the right thing Dirk. All these asshole commenters..." - First Time Reader/Professional Trader


There you go, Dirk. Your new found friend/defender. It's the pro trader thing to do to comment without knowing, trade first, ask question later: the cattle stampede mentality. The very minds or lack thereof behind today's biotech cliff jumping.

They are looking for new leader. Last one went under a train prematurely. Dirk Haussecker, it may be hard to find followers around here anymore, your new Jim Jones colony is waiting for you. Go with the protrader. They can trade anything without knowing anything. Perfect ready made followers to start you new life leading. It won't be hard to blog to them. They're clearly illiterate.

- investron

Terry Chrisomalis said...

"First time reader here via Adam Feuerstein.

I have to say the comments on here are downright Bitchy! I don't know the history of your posts but it sounds to me like you just hit a stoploss. Its not selling the bottom like everyone says. You did the right thing Dirk. All these asshole commenters will hold these stock to zero because they don't know what risk management is.

I personally don't have strong opinion about these RNAi stocks other than they all ran up huge in a short amount of time and are now crashing back to earth.

Gun to my head, coming from a professional trader, you did the right thing.

Stay positive. There will always be more opportunities."

Depends on the trading style. However if you are someone who is investing long why would you be worried about day to day trading. Do you think the people of PCYC who were long at $1 per share cared about daily movements? They took a gamble and it paid off. Doesn't always work that way though but if you have a sizeable position and your are long term willing to take the risk then wait to see the results. Granted a lot of people lose money on biotech because of trial failures. Everyone that invests in biotech knows that you don't bet what you can't afford to lose. Either the company you invested in goes to $200 per share or more or it goes to "0" either way that's the nature of biotechs. If someone can't handle it then they shouldn't be investing in these securities they should invest in Microsoft or some other dividend stock.

Anonymous said...

The short trade is more crowded than the Tokyo train at 8 o'clock.

The longs have dropped their pants and run for the hills screaming the end.

Mr. Blogger himself threw babies out the window and told followers to expect famine for the next three years.

Peanut gallery traders are looking to reload down below.

All these contrarian indicators are screaming BUY today, Tax Day.

- investron

Anonymous said...

Dirk was desperately pumping TKMR so that gullible people buy and he can sell out. That's what he has done. Whenever you see a tweet from Dirk, first think how he wants to use you to make money. His blog is just another tool to make money. I don't know whether what he writes is scientifically correct or not. I don't care because I cannot trust somebody who manipulates people the way he does. Good luck to people who want to continue following him. I don't see him any different from yahoo board pumpers with anonymous profiles.

Anonymous said...

Dirk is a geek.

He'll mature in a couple ten years and understand what he has done here.

- investron

Anonymous said...

Maybe Novartis wants to work with Marina Biotech in Boston since Marina has the broadest oligo drug delivery toolkit in the industry?

Anonymous said...

Hey Dirk lets get back to analysis of the results.. whats up with the Tekmira Ebola P1 ICON results.. last we heard was the trails 4th group go through but 5 got stopped as ebola was breaking out..

Anonymous said...

Looks like our failed trader Dirk Haussecker put in the bottom today with his parting blog of three years dead horse.

Powerful contra-indicator he.

Now we can look forward to ARWR Ph 2 results that will put wings on the stallion.

- investron

Anonymous said...

Investron, Dirk needs to have his feet held to the fire for his blatant pumping and dumping, his benitec hating duplicitous spiel is not even worth reading...every time I think I am done clicking on him....I get lured back in because he's like watching a train wreck. I guess I rather enjoy him twisting in the wind.

Anonymous said...

Dirk,

I've found most of your analysis insightful and helpful in gaining a deeper understanding of what's going on with the science and the industry.

I hope you're not taking most of the trolling on here to heart.

I sincerely hope your summaries of the RNAi industry activities aren't coming to an end.

Anonymous said...

Dirk,

I've found most of your analysis insightful and helpful in gaining a deeper understanding of what's going on with the science and the industry.

I hope you're not taking most of the trolling on here to heart.

I sincerely hope your summaries of the RNAi industry activities aren't coming to an end.

That means that you don't know where to find valuable information using the internet thingy....Dirk is not providing valuable information, he is lining his own pockets because people like you think he is an authority. He is not, he is bitter, he is not a player in the industry and he blatently hates the top pure ddRNAi play Benitec for his own petty self serving purposes. Please do yourself a favor and don't rely on Dirk. He has nothing to offer. Sorry to tell it like it is but Dirk has way too many axes to grind with certain companies and individuals....Just google Mick Graham and benitec and Menlo and Fire and you will begin to understand. Graham is the real deal....not Dirk the jerk.

Anonymous said...

sorry for typo...mello and fire...mike graham not mick

Anonymous said...

FYI:

"People like me" have worked long and hard hours in the industry of RNAi, on the science, in the lab. I can use the internet 'thingy' just fine, thanks.
There's no-one else on the web covering this topic in this detail with a background to give it some meaning, so I appreciate it.

Trolls, however, are easy to come by.


Anonymous said...

"People like you" are a classic cult follower, blind to any bad mixed in with the good.

Most of the complaints here are from Jimmy Jones' own defectors with specific allegations.

Dirk Haussecker is like any other human beings. Everybody has some good in them and some bad. The fact that he is alive and kicking means he's been successfully wired for survival. His. You be careful when your survival conflicts with his.

This is a very important message for all of you out there with cultist tendencies.

Quit looking for savior. You betcha that others will save their ass before yours.

- investron


Anonymous said...

He didnt have to tell any of you what he did or when.. It takes a great deal of integrity to come out and take bullets from the peanut gallery. I agree with those whom have valued his posts, until one of you other knobs takes up doing the analyst work Dirk does Shut the F up.. you dont need to read this blog but I challenge any of you to figure out how this science works from the public documents on the web. One would have to be a PHD to really understand it and Dirk takes the time to not only explain but weighs into what a analyst should do which is compare the data based on the facts. In the past analysts like Dirk are only available to the banks / investment houses just be glad that he's providing this service to all of us because he cares about this field enough to bring us "traders" along

Anonymous said...

"He didnt have to tell any of you what he did or when.. It takes a great deal of integrity to come out and take bullets from the peanut gallery." - First Time Reader / Professional Trader


Ironically, how could you miss that integrity is the very thing Jimmy Jones' followers are in crisis over?


" I agree with those whom have valued his posts, until one of you other knobs takes up doing the analyst work Dirk does Shut the F up.." - FTR/PT


As a professional trader you may be unaware of the peer review tradition of science. Then again, you've twice shown that not knowing a thing is no impediment to you making a comment. So why should it surprise you that the comment section is not for decoration?


"you dont need to read this blog but I challenge any of you to figure out how this science works from the public documents on the web. One would have to be a PHD to really understand it and Dirk takes the time to not only explain but weighs into what a analyst should do which is compare the data based on the facts." - FTR/PT


As a trader rather than an investor you dismiss the importance of due diligence. I can only recommend that you do further research on this subject by reading all the comments on recent blog posts, before making your speech. Find certain ones by "latebloomer/linda" who had indeed relied on Dirk's expertise and explanation only to be deeply disappointed when old Dirk started twisting it to benefit his trade position.


" In the past analysts like Dirk are only available to the banks / investment houses just be glad that he's providing this service to all of us because he cares about this field enough to bring us "traders" along" - FTR/PT


Just who do you think are complaining bitterly in these comment sections? Alas, they're the very traders whom Jim Jones brought along.

If you ask me, I've always proposed that people ought to know what the hell they're investing in. And if they don't and need to be spoon fed, they should consider if it's wise that the feeder is not their mother. NO ONE only wants to give to you like your mom and dad. You're not that cute to other people.

- investron

Anonymous said...

Dirk, I wanted to apologize for blasting you on a post above. It was not a kick in the stomach while down. Actually, Ive made a lot of money off you when I got in tkmr in the pink sheets. So paradoxically

I owe you a big thanks. I can only imagine the pressure you have been feeling lately by all these attacks that have come up (including mine) as the share price has plummeted. You never signed up to be anyones Guru. You owe no one anything.

In bad times we like to lay blame and in good times we forget to say thanks.

As regards to you selling that was a your personal decision. The pressure does get tough sometimes. Its ok. We all make our financial decisions in our our timeframe. You are not responsible for mine or anyone elses investment in RNAi technology. In fact, we all owe you a thanks for waking us up to this potential blockbuster science.

And by the way for folks that say your posts were not responsible or damaging. I disagree. You simply stated your opinion on twitter and well guess what so does everyother tom dick and harry.

Please remember, the random general public that post is just that RANDOM. There are all sorts of crazies that walk this earth.

You young man, walk tall among men, at least in my book.

Stay the course and stay strong.

Anonymous said...

It's all relative, isn't it?

Apparently there are those who bought TKMR in the pink sheets because of Dirk.

And there are bound to be those who bought TKMR over $30 recently because of Dirk.

To the former, Dirk is still a hero. To the latter, the comment is not fit for printing.

The same may hold true for people who bought ARWR because of Dirk while Dirk had it and pumped it.

That, folks, is why people could be good and bad at the same time depending on whom you ask.

Here is not the greatest of villains nor the purest of saints. Just a man who does things for his own benefits. Sometimes they coincide with yours. Other times not.

- investron

Anonymous said...

Okay I will keep this brief. I APPRECIATE all your posts Dirk - and whether you sell or buy any stock is your decision and its a personal decision. IBB was nailed to the wall this last month and just when you thought the selling was over - here comes another wave of deep red days. It was selling just for the sake of selling and i havent seen that before. I sold a lot of positions I wish i had back but hindsight is 20/20. you have been attacked for honestly disclosing your stock position - and i hope you dont listen to those whining fools. you dont have to answer to them. just keep doing what you are doing - you have an audience because you have a unique offering. Best wishes! Robert

Anonymous said...

"you have been attacked for honestly disclosing your stock position - and i hope you dont listen to those whining fools. you dont have to answer to them." - Robert


Well, somebody here made himself a general and seemed to have led a great many followers. Now after getting the troops in place to hold his ground promising them glory, as the fight began, the general turned and ran and waved from the top of the hill:

Hiya, guys, good luck in the trenches. It sure will be miserable for the next three years. By the way, I turned in my commission, you're on your own, so long.

All hell broke loose and many fled. Those that remained managed to hold the ground and did not get massacred as the ex-general anticipated.

Subsequently there were much discussion amongst those who witnessed what transpired and others arriving on the scene. Some said what the ex-gen opted to do was his business he had no more obligation than the foot soldiers who could come and go - it was an army of volunteers - and indeed many fled with him. Others, especially those that remained and fought, didn't like it so much and complained a bit. They were called whiners by some and the new arrivals.

As the smoke cleared, and seeing that all was not lost, the ex-gen toyed with the idea of taking up commission again. Some were ready to forgive and forget, others weren't.

As with anything else, your opinion is very much dependent on your viewpoint, your values and upbringing, etc. Time also changes. What was considered unacceptable yesterday is the norm today and vice versa.

- investron

Anonymous said...

I appreciate Dirk's commentary on the business of RNAi. No one can blame him for wanting to profit off of his success as a blogger. Probably most of us would do the same. However, if the end goal is to be known as a good forecaster than he should be more careful with what he says. My respect for his ability to predict is long gone as I would now classify him as more of a pump-and-dump analyst hiding behind an expert analyst veneer. One recent example is issuing a "super-duper" outperform rating in TKMR while he owns it followed by a doomsday rating a couple of months later when he doesn't own it anymore. How is that for being known for his ability to forecast? I have seen him do this at least twice in the past few months with ARWR and MRNA as well. I fully expect a series of negative RNAi posts in the near future, conveniently before he buys back in. Just a warning to watch out for this guy. I have come to believe that his primary objective is to use the following he has built to manipulate the market in a way that benefits only person, and that is not you my friend.
Chris

Anonymous said...

Thrashing separates the wheat from the chaff.

It's when the going gets rough that the genuine article has the chance to hold up and the impostor to fail.

All men were not created equal.

The market, like any good test, is an opportunity for them to separate and find their respective stations in life.

People tell you everything about themselves.

It's up to you to know what it is.

- investron

Anonymous said...

Some nice move up in TKMR.

You back in yet?

Anonymous said...

I've been investing in this biotech group since around 2006. I was in Sirna and Alnylam when Merck bought Sirna. Doubled my initial investment. I was pretty high on the technology so I put more into Alnylam. Watched it go up to $34 then tank down to $17 with the financial crisis. Then watched it fade down to $6 over the next few years.

I bought all the way down. It was painful. But I always believed it was the next great drug development story so I kept the faith. Search for "Nova Science Now purple petunia" for a good 15 minute video.

I discovered this blog about 2 years ago and Dirk really helped me diversify my RNAi investments. Thanks to him I started putting new money to work in TKMR and ARWR. I got in with really good timing because we all know what has happened over the last 6-9 months.

In late March I was watching CNBC and they had a technical analyst on looking at the IBB (biotech ETF). He explained why it was broken and stated that there was probably a lot of air under the group. I sold everything 3/24 at about 10-15% off the highs. The least gain I had was a 3x gain in MRNA (thanks, Dirk). The best one was a 10x gain in ARWR.

Having followed this biotech subgroup for so long, it's killing me to not be invested in it. I feel better that the stocks are going down, but I still want to be in. When I got out I told myself to stay out for at least 30 days, and try for 60 days to give things time to settle.

There aren't any significant news events that I'm aware of in the near future so I think I'm going to go for the 60 day cash position. At that time, I'm going to reestablish some long positions in the cash-rich companies that can weather a funding drought and again I will settle in for the long haul.

I don't think the long haul will be as long as it was from 2009-2012. There is a lot of phase II activity this time. Some of that will make it to phase III.

ALNY had a market cap of $3.5B today. It may get down to $2.5B over the next few days. Or maybe the correction will stop and it won't go below $3B. ARWR is $600M, TKMR is under $300M.

CELG has a market cap of $58B, NVS: $207B, AMGN: $88B, GILD: $110B. That's why I'm going to buy back in and that's what I'm holding out for.

These baby-biotechs will grow up and they will be 10-baggers for me again. Not this year. Not in 2015. I'm not putting all my eggs in one RNAi basket, but I am way overweighting this group in my overall portfolio.

Diversify and be patient.

By Dirk Haussecker. All rights reserved.

Disclaimer: This blog is not intended for distribution to or use by any person or entity who is a citizen or resident of, or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject the author or any of his collaborators and contributors to any registration or licensing requirement within such jurisdiction. This blog expresses only my opinions, they may be flawed and are for entertainment purposes only. Opinions expressed are a direct result of information which may or may not be accurate, and I do not assume any responsibility for material errors or to provide updates should circumstances change. Opinions expressed in this blog may have been disseminated before to others. This blog should not be taken as investment, legal or tax advice. The investments referred to herein may not be suitable for you. Investments particularly in the field of RNAi Therapeutics and biotechnology carry a high risk of total loss. You, the reader must make your own investment decisions in consultation with your professional advisors in light of your specific circumstances. I reserve the right to buy, sell, or short any security including those that may or may not be discussed on my blog.