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Revision History For: Ethical Holdings (Ethcy) - seriously undervalued

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Anyone follow this drug delivery company?

Core technologies are transdermal drug delivery and oral controlled release delivery.

Current market cap is around $80 million.

Strategic alliance with Elan could yield licensing and development revenues in excess of $40 million over next few years.

Strategic alliance with Schein could yield licensing and development revenues of around $32 million over next few years.

Strategic alliance with G.D. Searle recently signed. Other partners include American Home products, Boehringer, Novo Nordisk, Pharmacia & Upjohn - not a bad endorsement of the company's technologies.

Holds 29% stake in UK biotech Phytopharm - worth around $30 million

Holds 18% stake in Medi-Ject (MEDJ) - worth around $7 million

Cash = around $6 million

Analysts forecast eps for 1999 = $0.65 - $0.85

Conservative p/e multiple of 30x gives a share price target of $20-25
by 1999.

Current share price = $5.625

Any thoughts?