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Biotech / Medical : Magainin Pharm (MAGN)

MAGN 8.890

+2.2%

Nov 7 3:59 PM EST

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To: kech who wrote (39)	5/6/1997 1:13:00 PM
From: Mark Haythorn	of 233

Just to note- their first Cytolex trial results were announced in September 1996. Their second trial results were announced in March 1997. To announce results means that they have already done a most/all of their statistical analysis. In other words, it may not be 2 yrs. from today, but it could be likely be another 1.5 yrs from today before product gets sold. Keep in mind that the FDA is getting faster at approving products. Also don't forget, as Shep pointed out, that milestone payments are nothing to sneeze at. Also keep in mind that in 1.5-2 yrs from now their stock price could reach the 20's, 30's or even more. Look at Sepracor- they have no products on the market, but they are expecting royalty payments on Allegra starting in 1999. Their stock price is currently $22 per share. So, yes, we have a long wait- but the payoff could be big. It's a gamble! -Mark

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