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Biotech / Medical : VICL (Vical Labs)

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To: James Yegerlehner who wrote (193)	4/29/1997 6:46:00 AM
From: John B. Anderson	of 1972

If you're looking for things to worry about, the analyst Edward Hurwitz who just left Robertson Stephens for the position of CFO at Affymetrix told me that none of the cancer work VICL was doing had proven fruitful. In his cryptic words, "Vical's cancer stuff doesn't work." Another analyst at Mehta ____(?) a buy-side biotech analyst, told me she was singularly unimpressed with VICL. This was some moons ago when I was tempted to establish a position in non-viral approaches to gene therapy to balance those established in viral technologies.... All these stocks have since been trashed by the market. The funds won't buy them because they're ultra long-term earnings stories, highly speculative, and they're "Roach Motels." You can get in but you can't get out.... Looks like many of us are going to be averaging down on our favorites! Of course, if any of these work out the rewards may be astronomical, but if I had just bought Microsoft instead of speculating in this sector, I would have already achieved 150% appreciation. But heck, that's no fun?

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