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Biotech / Medical : Biotech Valuation

CRSP 51.04

-2.2%

9:55 AM EST

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To: paradigm7241 who wrote (817)	3/15/2000 2:40:00 PM
From: enervestor	Read Replies (4) of 52153

"The difference is that biotechs normally concentrate on only one or two projects, which may come to fruition sometime in the future. Many Internet-based companies however are growing all the time as their products are increasingly used. Revenues subsequently rise and profits may not be as far off as in the biotech world. Perhaps Lastminute.com (LSE: LMC) then looks a safer bet in this light?" While MF may have missed the boat on the patent question, I agree with the author's biotech vs internet appraisal. I have felt ever since this biotech run-up began that it was fueled by hot money with no idea of the timelines and hazards of reaching biotech profitability. I have been very skeptical about biotechs holding the recent valuations because I could not imagine the hot money sitting through years of product trials with the inevitable failures. While I think biotechs will not return to the depressed levels of the past few years, I cannot see how early-stage companies with no immediate chance of profitability are going to retain anything remotely close to the valuations they are now being accorded.

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