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  "documentTitle": "CareDx, Inc. (CDNA)",
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  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2019-07-01 00:00:00",
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  "notes": "This is a research note from Kerrisdale Capital criticizing CareDx's AlloSure product, citing clinical literature and expert opinion.",
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      "text": "Based on our wide-ranging conversations with transplant physicians, as well as an exhaustive review of the clinical literature, the answer to both of the above questions is clearly, No.",
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      "text": "Can AlloSure safely be used to avoid unnecessary biopsies? ... Can AlloSure be used to detect subclinical rejection, i.e., rejection that's currently missed by just testing for creatinine and proteinuria?",
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      "text": "Based on our wide-ranging conversations with transplant physicians, as well as an exhaustive review of the clinical literature, the answer to both of the above questions is clearly, No.",
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      "kind": "paragraph",
      "text": "CareDx clearly positions AlloSure as a kidney rejection test that makes up for the weaknesses of serum creatinine... AlloSure is meant to be incorporated into the routine screening protocols used by transplant centers.",
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      "text": "Screening tests have to be really cheap, and in kidney, serum creatinine and proteinuria are very good tests. They're actually excellent tests. And you're going to have to do very well to beat serum creatinine and proteinuria by enough to justify a thousand dollar test if you're doing screening.",
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      "text": "Screening tests have to be really cheap, and in kidney, serum creatinine and proteinuria are very good tests. They're actually excellent tests. And you're going to have to do very well to beat serum creatinine and proteinuria by enough to justify a thousand dollar test if you're doing screening. [emphasis in the original] — Dr. Philip Halloran, Inventor of the Molecular Microscope",
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      "text": "14 Halloran is a world renowned transplant pathologist... 15 Comments by CEO Peter Maag... 16 The DART trial was not meant to evaluate the accuracy of AlloSure...",
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      "kind": "title",
      "text": "III. Clinical Data Show that AlloSure is Insensitive in Discriminating Kidney Rejection, with an Unacceptable Miss Rate",
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