Procyon Biopharma Inc. Message Board

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Gold/Mining/Energy : Procyon Biopharma Inc.

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To: Tim Cruise who wrote (207)	12/31/1999 9:02:00 AM
From: thebeach	Read Replies (2) of 356

Happy New Year! goldencapital.com After applying a 50% discount factor, we arrive at a current valuation of US$1.36, or C$2.00 per share for Procyon. Conclusion Procyon BioPharma is a little-known biotech company with significant upside potential. While the PSP94 platform is limited to one type of cancer, the ANA platform has shown to be effective in treating a wide range of cancers in preclinical trials. The company's approach in both the PSP94 and ANA projects is appealing due to its simplicity -- both use naturally occurring proteins to assist the body's immune system in targeting cancer cells rather than flooding the body with toxic substances that usually can't distinguish between healthy cells and cancer cells. The company has been successful in finding both private and public financing to fund its development program over the last ten years. The company's commercialization-stage FIBROSTAT product should be a source of near-term revenues once a marketing agreement is signed, and the research collaborations already established with several research centres should provide a source for future in-licensing opportunities. While the company has sufficient cash reserves to fund its development program for ten to twelve months, we expect a large public offering at some point in 2000 to generate sufficient reserves to take PSP94 and ANA through to the end of Phase II clinical trials. The company has a solid management team, including a number of former executives from global pharmaceutical companies who have the contacts and expertise to get products through clinical trials and to negotiate licensing deals. This is an important investment consideration for biotech companies, since good science does not necessarily translate into a good company unless management knows how to sell the science to pharmaceutical licensing partners. Based on comparable company analysis, we believe Procyon has a market value of $2.00 per share, and as much as $4.00 on a fully-licensed basis. We therefore rate Procyon a SPECULATIVE BUY for investors with a high tolerance for risk.

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