As we described in last week’s issue there is no doubt that agents that target the PD-1 pathway have generated much excitement among investors. There are several candidate drugs in late-stage development as anti-PD-1 immunotherapies targeting various solid cancers such as melanoma. In addition to the pharma players in this space, a number of biotech companies are focusing on this pathway. Many of their compounds are still at the early discovery and preclinical stages, but they are already showing potential.