Graham,
I bought MBI a few years ago at US$1.45, and like this company as a long term hold. You might get an opportunity to buy in at Cdn$3.7. Good luck.
Analysts feel the stock has the potential to reach Cdn$8. in 97. I think the stock will continue to appreciate at 50-100% annually until their drugs go to phase III human clinical trials. Their lead compound is still undergoing animal testing and could be ready for Phase I human clinical testing in 98.
Yorkton Securities has produced some brochures on Micrologix. You can obtain these brochures by calling Micrologix (Investor Relations) at 1-800-665-1968
Here's the last news release from MBI.
Attention Business Editors:
NEW U.S. PATENT PROVIDES MICROLOGIX BIOTECH INC. BROAD PROTECTION FOR CORE
DRUG MANUFACTURING TECHNOLOGY
VANCOUVER, Jan. 27 /CNW/ - A U.S. patent (No. 5,593,866) has been issued
for a manufacturing technology under development by Micrologix Biotech Inc.,
enabling the production of new antibiotics aimed at curing infectious diseases
caused by drug-resistant bacteria.
Micrologix is developing a family of pharmaceuticals based on naturally
occurring cationic antimicrobial peptides - positively charged small proteins
that act as a defense mechanism against bacterial infection in virtually all
life forms. The patent, issued to the University of British Columbia (U.B.C.),
protects the Company's method of manufacturing peptide antibiotics using
recombinant DNA technology in bacterial systems. The patented technology arose
from a discovery by Dr. Robert Hancock and colleagues at U.B.C. and is
licensed on an exclusive worldwide basis to Micrologix.
``The commercial manufacture of antibiotic peptides presents significant
technological challenges,'' said Micrologix President and CEO, Dany Hadary.
``Peptide-based pharmaceutical drugs can be produced in three ways: they can
be isolated from natural sources; synthesized using chemical processes; or
manufactured using recombinant DNA techniques. The first method is not
feasible from a practical and a cost standpoint. The current technology for
synthetic manufacture is merely on the edge of being cost-effective and is not
viable for the manufacture of complex peptides. The third process, recombinant
production, for which Micrologix holds this new patent, offers the greatest
promise as an economically viable production technology.''
The issued patent covers a method of protecting host bacterial cells from
the killing effect of the antibiotic peptide that the host has been engineered
to make. The allowed claims provide wide patent protection for the manufacture
of virtually any biologically active antimicrobial cationic peptide and does
not restrict the Company to the manufacture of specific peptides. As part of
its strategy to secure a broad proprietary position in the field of peptide
antibiotics, Micrologix has numerous patent applications pending in the U.S.
and internationally for a number of peptide structures, their derivatives and
pharmaceutical uses.
``This technology gives Micrologix an important competitive advantage in
terms of producing and commercializing peptide-based antibiotic drags,'' said
Mr. Hadary. ``In addition, as the technology is further developed, commercial
opportunities will arise through its potential out-licensing to third parties
lacking a viable technology for the manufacture of antimicrobial peptides.''
Micrologix Biotech Inc. is a Canadian biopharmaceutical company dedicated
to the discovery, development and commercialization of novel anti-infective
compounds. The Company's drug development program is based on proprietary
technologies and extensive expertise in the molecalar basis of microbial
infections.
``Arthur J. Ayres''
-------------------
Arthur J. Ayres
Controller & Corporate Secretary
The Toronto Stock Exchange and the Vancouver Stock Exchange have not
reviewed and do not accept responsibility for the adequacy or accuracy of this
release.
For further information: Investor Relations: Arthur J. Ayres 1-800-665-1968, fax (604) 222-6674, e-mail: micrologix(at)pro.net. Media Relations:
Don Bradley, James Hoggan & Associates Inc. (604) 739-7500, fax (604) 736-9902, e-mail: dbradley(at)jhapubrel.com
My other Canadian Biotech company Inflazyme Pharmaceuticals made a run last year. It moved from US$0.14 to US$2.25 in 6 months. It currently trades off its high at US$1.70. The company will release substantial news in 97. |
