Hextend is similar to Hespan, but it includes added sugar, calcium, and a buffer. BioTime hopes to prove Hextend can be used in greater volume than Hespan while creating fewer coagulation troubles. The Phase III trials included 128 patients and took place at Duke University and New York's Mount Sinai. On average, 1.6 liters of Hextend were used, with no serious adverse events even with Hextend volumes as high as 2 to 5 liters. The Abbott deal was positive.
Clinical trials determine whether a company survives, and lukewarm results can clobber a stock.
There were also warning signs. Also, investors should get nervous when they see relatives among the top managers. Given Steinberg's participation in the dubious rise of Diana Corporation, investors should have been downright skeptical. Finally, Asensio's arrival was the ultimate wake-up call. Though the guy can be obnoxious and simply wrong on details, he's got a terrific overall record for calling disasters.