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Here are some non-expert observations of CHTP:

Like Innovive, I see this as a two drug company with one nearing FDA approval and another more exciting drug in much earlier stages of development.


Droxidopa - currently there are no truly good drugs for neurogenic orthostatic hypotensions. You generally try several drug and non-drug interventions and hope that 1-they work and 2-the side effects are not worse than the problem. There seems to be a growing body of experience with droxidopa that suggests it works and with a fairly low adverse side effect profile. I would have guessed that by the very nature of the drug (precursor to noreinepherine) it would have its share of side effects. If it can replace or compete with midodrine it would be taking a part of midodrine's $60million/year sales.

***CH-1504 (and the other metabolically inert antifolates). Here is the excitement! If these drugs can take a chunk of the methotrexate market then WOW - we are talking hundreds of millions of dollars. What I do not know and would like to know is - who else is developing in this area, what potential competitors are out there.

I-3D - interesting, but I give it no value at this time. Will look into its co-developer Active Biotech AB

Impression: potential multi-bagger (how many times???). However, will drop more than 50% if failure of CH-1504 et al. Droxidopa alone does not justify current share price, but full approval may help with company's fiscal issues - widening quarterly losses per share.

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Promising phase 2 results:

At the current price, worth taking a speculative position IMHO.
The whole point of an oral methotrexate alternative is low side effects.
CH-1504 may be the ticket.
Unknown to me is whether other potential competitors are being developed, and how far along they are.


if link doesn't work here is the gist of the article:

CHARLOTTE, N.C., March 18, 2009 (GLOBE NEWSWIRE) -- Chelsea Therapeutics International, Ltd. (Nasdaq:CHTP) announced that a preliminary analysis from its recently completed 12-week Phase II clinical trial in rheumatoid arthritis (RA) demonstrated that patients treated with once daily oral doses of CH-1504 at 0.25mg, 0.50mg and 1.0mg showed comparable ACR20/50/70 response rates to patients treated with a standard 20mg oral dose of methotrexate (MTX) administered once weekly. In addition, the efficacy of CH-1504 was associated with improved tolerability and reduced hepatotoxicty compared to the MTX.

"That CH-1504, even across this low dose range, can achieve comparable ACR response rates to a standard dose of methotrexate, validates the scientific rational that the known metabolites of methotrexate are not required for efficacy," commented Dr. Edward Keystone, M.D., FRCP(C), Professor of Medicine, Rheumatology Division at The University of Toronto, Canada, and principle investigator for the study. "Further, that all doses of CH-1504 show a clinically relevant decrease in ALT elevations compared to methotrexate is in keeping with the principle that methotrexate metabolites likely contribute to the liver toxicities and tolerability issues associated with methotrexate treatment and is suggestive of the potential for a non-metabolized antifolate, such as CH-1504, to provide a better, safer treatment option for RA patients."
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