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Biotech / Medical : MGI Pharma MOGN New patents, anti cancer
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To: seminole who wrote (159)9/11/1997 10:55:00 PM
From: David Cathcart   of 1826
 
Richard,

MOGN did exhibit some resistance in trying to push through $5 today, so your theory is holding. But remember the $5 price of the stock offering last year was considered low by many stockholders at the time (me included). The company is worth much more today. Assuming the investors that bought at the stock offering stick to their guns, I don't see MOGN bouncing off of the $5 ceiling much longer. It may push through tomorrow.

Isn't it nice that we are actually discussing upward price resistance for MGI? Wallowing is Kopp's mud was getting very old. We may have to wait a while for your $100 target, but I do like your optimism. The truth is, if MGI 114 works in humans like it did in mice, $100 is a no-brainer. A few more signs of efficacy in phase I and the advent of phase II should begin to stimulate investor interest. Are you aware that there was a third sign of efficacy in Phase I? Again, it was a case of halting a tumor's growth rather than shrinking it. In a few weeks when MGI 114 goes up to the next dose level, things should start to really get interesting.

To correct an earlier post, sales of Taxol last year were in excess of $900 million, not $500 million. During the teleconference at the end of last quarter, Blitzer commented that in their negotiations for a European partner for MGI 114, they had been unable to strike a deal without giving up rights to U.S. distribution, which they were fortunately unwilling to do. I understand that MGI was offered $30 million by BMY for marketing rights to the U.S. and Europe. While it was a greedy low-ball offer, it does show that BMY has been taking notice.

David
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