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Biotech / Medical : Magainin Pharm (MAGN)

MAGN 9.090

+6.2%

Oct 31 9:30 AM EST

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To: Mike McFarland who wrote (193)	6/26/1999 6:36:00 PM
From: Mike McFarland	of 233

here is a snip from last annual report: We recorded revenue of $10,000,000 in 1997 reflecting the receipt of payments under the SmithKline Agreement entered into in February, 1997 for pexiganan acetate. We do not expect to realize additional milestone revenues from our arrangement with SmithKline unless, and until, FDA approval of pexiganan acetate is received. Apparently that other trial only went through phase II and ended in 1994. So disregard that one--it is a little confusing sorting out what is the really old stuff, from the SmithKline deal just for diabetic foot ulcers. I guess you can have the analysis for the whole thing from Recombinant Capital for $200. I will pass on that, a little too late to be concerned with the details-- either the FDA commitee was confused or lazy about the fact that the trials were indeed designed correctly, or we are missing something about the ethics of placebo. Clearly you cannot give these patients placebo!

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