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Biotech / Medical : VaxGen Inc.-The 1st AIDS Vaccine in Phase 3 HumanTrials
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To: glen who wrote (99)7/18/1999 5:00:00 AM
From: Manfred Sondermann  Read Replies (2) of 250
 
>I have heard that Paul Allen and Bill Gates
>took over 1 million shares of the IPO, diminishing the float even
>more. [...]. Gee, Manfred, don't you think their experts read all
>of the research that's available before putting Gates' and Allen
>in VXGN?

I would not pay TOO much credit in the fact that Gates and Allen
bought some stocks. One million stocks cost in the IPO $13 million.
For them this is peanuts, and when they loose it they would not
even notice it!

You think their experts are doing a good job! Let us take Bill Gates
as an example. Gates has invested in a lot of biotech stocks, among
them Ligand and ICOS.

As far as I know LGND did not have the big breakthrough until now,
and with ICOS Gates had LUCK! Because ICOS found a functionality
of one of their existing drugs as as an impotence drug BY ACCIDENT,
(I forgot the name of this drug) long after Gates came in. This
impotence drug was prior designed as a drug for heart attacks,
and failed. Out of the 4 big drugs in their pipeline, practically
only one had success, and I repeat: by accident. In this company
Gates is even in the board of management, as a director, but he
almost never attends the director meetings. And despite the fact
that Gates is on board, this could not prevent the stock to fall
from $20 in 1992 down to $3.5 in 1995.
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