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Biotech / Medical : SKYEY - SkyePharma PLC

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To: Rudy Saucillo who wrote (15)	4/6/1999 11:59:00 PM
From: Dr. John M. de Castro	of 56

Rudy, I finally got time to listen to the recording of the conference call. I agree with your assessment except for the following: >"SkyePharma expects to file DepoCyt in Europe (for neoplastic meningitis) in late summer. Approval is anticipated 12 months later." My understanding from the call was that the EU approval process would only take 4 months and not 12 from the date of filing. There was a very upbeat tone to the call. One interesting point that Ashton made was that he was viewing DepoCyt as a annuity. Although the market is not large, there is and will be no competition. So, DepoCyt will continue as the treatment of choice indefinitely. So, he sees DepoCyt, not as a hare but a tortoise, providing a consistent revenue, building over the next few years to $50 million or so, that will accrue to the company for years to come. This could form part of a reliable cash flow base to support the R&D efforts to produce some hares. I like business strategies that combine cash cows with riskier ventures. This allows for creativity and risk without having to bet the company on success. John de C

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