BIOTECH & TECHNOLOGY INVESTING *UNDERVALUED*{T/A F/A & V} Message Board

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Biotech / Medical : BIOTECH & TECHNOLOGY INVESTING *UNDERVALUED*{T/A F/A & V}

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To: BRAVEHEART who wrote (27)	1/30/1999 5:03:00 PM
From: BRAVEHEART	of 423

LXR UPDATE: GREY IS GREY Hi gang, I listened in on LXR's Conference call. While it does not resolve the conflict between R&D and Product development it did offer some insight into the companies potential strategy. My best interpretation is the company has realists at the helm with the recent changes in the Board and Mgmt. They effectively managed costs and cut the burn rate with a focus on advancing the R&D & products which have the greatest potential for success. Here is my interpretation of what could be surmised from what was said at the conference. Of course things could play out much differently to me this is a plausible scenario. I thought the conference call was an honest presentation of future expectations. Of course the grey areas are still just that GREY... All in all I got the impression that confidence was high on the remaining programs and products approaching clinical trials. I found the company appears to be focused on partnering it's R&D programs. That certain Key developments like the different analogs would be kept in house and optimized in various animal models. I like this strategy. It is the one most followed by successfully funded companies. Too bad the prior mgmt couldn't have acted sooner. Cardisol while held to a higher standard sounds promising when compared to the other unregulated solutions ( amazing actually ) out there. I would guess it will be the first to be partnered. P. Hastings alluded to the fact that there is corporate interest. This raises my level of confidence in it's early stage partnering. I didn't get the impression that Elerex would be partnered any time soon. Why not carry it through the end of P-2 testing then partner it where one can maximize shareholder potential. I got the impression that the company has a lot of confidence in Elerex relative to many of the other products by other companies that have reached this stage of pre-clinicals. This suggests a higher level of chance of success in advancing to the next stage of development and hence reduced risks from a shareholders perspective. This is how I like to see a product with Blockbuster potential ( "approx a 1.5 billion dollar est market" ) to be advanced. Hence I would expect some sort of in house financing initially. This was alluded to and to me is saying smart money comes first. Then I would expect possibly a private placement. The company appears to be committed to getting the share price up to reduce the dilutive effects of any private placement. I would also guess that a early partnership for Cardisol is probable. These are more like guesses in the dark. If we were beyond the pre-clinical stages I might have a higher degree of certainty as what to expect. However as Paul Hastings suggested the financings of third tier Biotech is rather difficult. I would say an in house / current investor sort of financing is highly probable as the first stage in funding the operations. To me this will signal a high degree of confidence in the next series of developments. Then either a private placement or the partnering of Cardisol could possibly be the next source of funding. Again this is my impression of a conference call. It is not based on any other DD. If I misinterpreted something would someone please comment. PS: Animial Results are expected at the end of Feb and March... Message 7141454 BEST WISHES LONE WOLF

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