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Biotech / Medical : IMMULOGIC

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To: mike wirtz who wrote (149)	4/15/1997 3:54:00 PM
From: Xingbo Wang	of 305

Synergen was bought out by Amgen two years ago at $9.25, barely above their book value of $8.50. Cash is a declining asset, and most biotech companies are still burning cash rather than generating cash. The major part of their market values are based on hopes and dreams. Whenever such dreams are shattered, the stocks can trade well below cash per share. I sure hope the Allervax program will prove itself, but I have been really bothered by the fact that the higher dose did not show statistical significance while the lower one did. I am keeping my fingers crossed awaiting further clinical data. Best of luck to all of us IMUL holders! Xingbo

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