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Biotech / Medical : Biotech Valuation

CRSP 58.38

+1.4%

12:16 PM EST

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To: Biomaven who wrote (2337)	12/18/2000 9:30:57 PM
From: TI2, TechInvestorToo	of 52153

Thanks Pete re IMGN, They seem to be well on the way to being recognized as platform. They also have ind for lung cancer with British Biochem (ind filed ). Abgenix signed licensing deals and also bought stock at a premium. DNA came back for multi drug licenses after the herceptin. They also signed a deal with morphosys (spelling) to make MAB based on their targets (from ATI and elsewhere). Enlisted Genzymes goat division for manufacturing. Seems like a market cap 800m$ seems light when the other platform companies are multiples of it. So does that mean IMGN will increase in multiples when recognized as platform company? The following is a summary of a 33 Adam Harkness report which I can forward upon request. Thanks TI2 AHH summary by TB 1. 1-2 more partnerships by June 01 not including the one we are expecting at any time 2. Approximatly 160 mabs in development, of which 67 are currently in the clinic. The number of mabs in the clinic in the next 10 years is expected to grow considerably driven primarily by the genomics efforts. Where do you think IMGN fits into the picture? 3. 22 Potential Cancer indications applicable to the TAP technology(US Only). The chart sites 1,092,480 cases of cancer that TAPS might target. 4.AHH revenue model does not take into account fast track status. Lots of revenue projections. I prefer the Stephens INC or Cowens report. 5. IMGN to operate at or near break even(at a minimum) as the company develops proprietary products. 6. Results from Chicago will probably be made available at ASCO May 12-15 2001. Basically, all the analysts reports to date say that IMGN is EXTREMELY UNDERVALUED COMPARED T0 other platform companies such as ABGX, MEDX, PDLI, Cambridge Antibody Technology company. tb

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