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Biotech / Medical : Ligand (LGND) Breakout!

LGND 191.75

+1.0%

Jan 5 3:59 PM EST

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To: John O'Neill who wrote (20667)	5/13/1998 10:28:00 AM
From: bob zagorin	of 32384

off-topic but on-topic. BancAmerica Robertson Stephens Initiates Coverage of Vical Inc. With a Buy Rating SAN FRANCISCO, May 13 /PRNewswire/ -- BancAmerica Robertson Stephens research analysts Peter Freudenthal and Mark Simon initiated coverage today on Vical Inc. (Nasdaq: VICL) with a Buy rating and a target price of $24. Vical is a cancer therapy company whose technology and patent estate position it to be a leader in developing both the new anti-cancer vaccine and the DNA infectious disease vaccine market. Vical has a broad gene delivery/therapy platform of technologies that include: 1)Naked DNA vaccines for infectious diseases; 2) Gene-based immunotherapies for cancer; and 3) Gene-based protein therapies for metabolic disorders. Vical's internal drug development is focusing in the anti-cancer therapeutic vaccine area while partnering and licensing out other applications to its collaborators including Merck, Pasteur Merieux Connaught, Rhone-Poulenc Rorer, Centocor, Genzyme and Merial. These partnerships have an aggregate value of $200 million with additional royalties on product sales. It is important to emphasize that Merck does relatively few biotech collaborations, and that itit has two deals with Vical and has expanded one of these collaborations on two separate occasions. "We believe that now is the time for gene therapy to take its place at the cutting edge of novel anti-cancer therapies and anti-infective therapies. Within the gene therapy arena, we believe that Vical is one of the lower risk investment opportunities because of its uniquely broad and simple technology and its relatively advanced clinical development," said Freudenthal and Simon. Vical has a strong financial position with $45 million in cash and a 1998 anticipated burn rate of only $8 million."

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