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Biotech / Medical : Collagen Corp.
CGEN 1.750-1.1%Nov 3 3:59 PM EST
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To: OldAIMGuy who wrote (4)3/11/1997 9:56:00 PM
From: Jonathan Rothschild   of 72
 
CGEN is my biggest position period. I can't think of a better defensive value play in the entire biotech/tech arena. Even the Merrill Lynch analyst whom I spoke to at a recent biotech conference said that most investors don't understand "valuation" when it comes to biotech/device co. and Collagen has the highest intrinsic value. Strip out their cash and after tax sale of Target and they're selling at about 1 times revenues. The company realizes that they're undervalued and will split up this summer. This is a good time to load up since the Target takeover momentum investors have sold out and depressed CGEN to its previous mid-range trough. You had a good point re: rendered bovine by-products and prion possibilities. Perhaps they may require additional studies, but I doubt someone would get Jacob-Kreutzfeld disease from the injections. I'm excited by their inlicensed Hyaluform and hear the derms like it. The breast implant business is going well in Europe and American women are begging the company to participate in the trials. Eventually the company will be discovered. Perhaps Boston Sci. will take them over. The TGET shares will be little more than a satock buy-back with the rest of the 75MM in revenues thrown in for nothing.
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