MRK - Aptose Provides An Encouraging Update But The Road Ahead Is Still Long

• Aptose offered a clinical update with its fourth quarter earnings report that included no new safety/toxicity concerns for luxeptinib, suggesting prior signals were one-offs unrelated to the drug.
• A complete response in the AML study, at what should be a borderline therapeutic dose level, is encouraging, as is anecdotal reports of other patients seeing blast reductions.
• The departure of the CFO is unfortunate, but adding regulatory and manufacturing expertise should be well-received by investors.
• Aptose is an early-stage, high-risk, high-potential biotech with meaningful clinical updates coming later this year.

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