Market Assessment
2019 is seen as the year of NASH in the biotech industry. Intercept (ICPT) is expected to announce the top-line Phase 3 data readout for obeticholic acid in NASH fibrosis imminently. Likewise, top-line data readout is also expected in Q1/2019 from Conatus (CNAT). This small market cap biopharma may finally get to validate the clinical efficacy of its dual anti-apoptotic/anti-inflammatory anti-NASH drug candidate, emricasan, in Phase 2b NASH fibrosis (recently reviewed in Liver Therapy Forum). Given emricasan's history of perceived clinical disappointments, a positive clinical outcome would definitely