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Biotech / Medical : Biotech Valuation

CRSP 61.20

-4.4%

9:30 AM EST

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To: RMP who wrote (6428)	5/25/2002 5:37:38 PM
From: Doc Bones	Read Replies (1) of 52153

From Barrons' Technology Trader column by Bill Alpert. He doesn't mention that one Waksal replaced another ("Waksal" = wacky rascal?). And a credit for Avalon - Doc online.wsj.com <snip> Adventures in biotech Biotech investors got a jolt and a lift last week. ImClone Systems Chief Executive Samuel Waksal resigned Wednesday, giving in to a February demand of ImClone partner Bristol-Myers Squibb. ImClone needs Bristol's big bucks for clinical studies on the efficacy of ImClone's cancer treatment Erbitux. The U.S. Food and Drug Administration refused to accept data from a trial managed by Waksal. And Biogen surprised doubters Thursday by winning an FDA advisory panel's endorsement of Biogen's psoriasis treatment Amevive. While boutique analysts like Avalon Research Group had predicted a thumbs-up, over half a dozen Wall Street majors had forecast Amevive's rejection as part of their Biogen "Sell" ratings. Among them was Eric M. Hecht, the recently departed biotech analyst at Merrill Lynch. Seems that Merrill can't win, even when it had the sort of Sell rating demanded by New York Attorney General Eliot Spitzer.

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