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Biotech / Medical : Paracelsian Inc (PRLN)

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To: Elllk who wrote (2781)	5/15/1997 10:48:00 PM
From: John H. Farro	of 4342

If you're tired of the Mystery of the Missing Androvir and the Mystery of the Missing Stockholder's Meeting and the Mystery of the Missing Executives, I've got a new mystery for you to chew on. . . the Mystery of the Missing Ah-Immunoassay. Remember the annual report filed in EDGAR in late December/early January. It stated the following about PRLN's Ah-Immunoassay: " In January 1995, the Company announced an agreement with Dow Environmental providing for a non-exclusive license and an option for an exclusive license to evaluate and commercialize the Company's Ah-IMMUNOASSAY(trademark) technology. Earlier this year Dow Environmental notified the Company that it does not intend to execute the exclusive worldwide license for the assay. Their intent is to use the assay for safety testing within the Dow organizations. The Company is in discussions with Dow to obtain a release of the nonexclusive agreement which will permit licensing the technology to other companies. In October representatives from China conducted tests on samples from mainland China in the Company's lab utilizing the assay. The results of that test proved the usefulness to countries with enormous environmental problems utilizing low cost field test facilities. Since August the Company has been in discussion with Japanese representatives of environmentally sensitive companies needing this type of assay for use in Japan. They are reviewing the technology and patents in preparation for conducting tests at the Company and then in Japan. While the Company believes that a license arrangement can be achieved there is no assurance that this license can be completed. " This raises a number of questions. 1) Who approved of this deal? Did PRLN know that their contract with DOW would allow DOW to gain control of their assay? Did PRLN have a lawyer look at the contract? Did the lawyer warn them of the possible ramifications of the contract? If not, could they sue the lawyer for incompetency. If they didn't have a lawyer look at the contract, who was the bonehead who decided on entering into this contract without a lawyer. Since Rhodes was in charge at the time, I think ultimate responsibility rests with him. Now the plot thickens. I was searching the web today and I found this: essential.org Dow's test charlie.cray@green2.greenpeace.org Wed, 11 DEC 96 23:31:02 GMT Messages sorted by: [ date ][ thread ][ subject ][ author ] Next message: Philip Fleischer: "Re: Dow's test...cost of d/f testing" Previous message: William Verick: "dioxin testing" ---------- Original-TO: dioxin-l@essential.org ---------- To William Verick and anyone else interested Dow VP Dave Buzzelli responded to a letter recently sent to him which included the following question: "Will Dow Chemical make its recentlyacquired inexpensive biological dioxintest available to community-based health and environmental groups quickly, and at a price they can afford?" His answer is: "Dow has examined this technology, but is not pursuing its use. We have a non-exclusive license which I presume is available to other parties. We have no control over the cost or availability of this technology." You might want to contact Paracelsian in Ithaca to corroborate this - i.e. to find out if other parties are able to license their technology and if so, have they? Then draw your own conclusions as to Dow's motive for buying the right to commercialize a technology they are choosing not to pursue. I hope this helps. ************************************************************* What's going on here???? Either: 1) The poster who wrote this made the whole thing up or 2) The Vice President of Dow doesn't know what he's talking about or 3) PRLN's officers were confused over the legal status of the assay or 4) PRLN really does still have control of the Ah-Immunoassay and they lied to us in their annual report. For some reason they do not want to market it. Perhaps it doesn't work as well as stated and, rather than come right out and say it, they decided to blame it on DOW. Or maybe they didn't want to waste their resources in trying to market it and instead decided to concentrate their resources on AndroCar and AndroVir. Anyone care to make a guess as to what's going on here? PRLN could really use the cash flow from the successful marketing of their assay. Robin

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