OK, so here's the latest exemplar of how and why our healthcare process is screwed up. And where a lot of the money goes.
Immunomedics is a New Jersey pharma which has been around since 1982. As of market close today, its market cap was $3.44 Billion. Now, this company has never gotten a drug approved. Let that sink in for a second. Tomorrow was to be the decision day from FDA for its latest attempt to get an approval. Well... FAIL!! A day early and an approval short. Rejected. They released the news after both regular hours and after-hours trading.
I doubt it'll be worth north of $3,000,000,000 tomorrow morning.
17 January 2019
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