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Biotech / Medical : AVIGEN(avgn)

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To: Czechsinthemail who wrote (32)	5/28/1997 9:32:00 PM
From: Czechsinthemail	of 228

Pretty quiet around here. As I've gone over the most recent quarterly report, I'm struck by the following positives: --Strong position in gene therapy using AAV. --About $2.26 per share in cash & cash equivalents. On the other hand, I think there are some significant questions: --Big jump in G&A expenses, raises issues of cost containment. --R&D expenses up (probably good), but company has yet to announce a major partner. I'm not sure that's a bad thing. In fact, it may improve AVGN's position if they can carry their research further before partnering (but this again comes back to whether they can stretch their cash far enough to do it) I think this is a tantalizing company. Its market cap is small enough and its prospects promising enough that it may well be one major news announcement from doubling in price. It looks very undervalued. The science and product potential here look good, but I have some concerns about the business plan and whether management can contain costs to stretch the cash out to a commercial product or to at least take the research far enough to get a major partner. I'd appreciate response from people closer to the company. Thanks. Baird

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