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With the knowledge that the lion's share of all potential drugs will fail, investing in the biotech sector can sometimes be compared to high stakes gambling. With that in mind, today we take a look at six potentially undervalued biotech stocks. Oncothyreon Inc. (ONTY): This clinical-stage biopharmaceutical company focuses on the development of products for the treatment of cancer. Its primary product, Stimuvax is in Phase III clinical trials for the treatment of non-small cell lung cancer. Shares traded up 0.24% to $8.34 at the time of writing, off their 52 week high of $11.59. ONTY's cancer vaccines are designed to stimulate the immune system to attack cancer cells, while its small molecule compounds are designed to inhibit the activity of specific cancer-related proteins. ONTY's most promising product candidate is Stimuvax, a cancer vaccine in phase III development for non-small cell lung cancer. Under its license agreement with Merck (MRK) KGaA for Stimuvax, Merck is entirely responsible for the development, manufacture and commercialization of Stimuvax. Future payments, including royalties to ONTY, will depend on the extent to which Merck advances Stimuvax through development and commercialization. With all its chips riding on one product, and with operating losses for 10 years running, [...]

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