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Biotech / Medical : Texas Biotech (TXB)

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To: opalapril who wrote (791)	9/24/2000 1:14:52 AM
From: Larry Liebman	Read Replies (1) of 834

I was looking at some biotech laggards with interesting prospects. In my inestimable wisdom, I researched TXB and ARDM at $16, and bought TXB. So much for wisdom! OTOH, I noticed a Friday press release that stated that their FDA approved drug Argatroban(for heparin-induced thrombocytopenia), should be marketed by SmithKline-Beecham by the end of October. I've been surprised by the lack of interest in TXB for the following reasons: (1) An approved drug which analysts speculate could produce annual revenues of $200-$300 million (2) A 50/50 partnership with ICOS for a series of oral endothelin antagonists announced 6/6/00. One molecule is slated for Phase 11b/111 trials by early next year. An earlier Phase 11 trial was terminated early when it successfully met the endpoints for pulmonary hypertension. A more potent/selective molecule is being prepped for the clinic at the end of this year. (3) Licensing of a VLA-4 oral antagonist program for asthma to Schering-Plough on 7/10/00. TXB announced the "potential" revenues/milestones at $87 million, excluding royalties. (4) The creation a German subsidiary, Revotar, with TXB holding a 55% interest. (5) Market cap at $600 million. Any thoughts?

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