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Biotech / Medical : InterMune (nasdaq)ITMN

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To: lrb who wrote (103)	6/18/2001 10:35:19 AM
From: rkrw	Read Replies (1) of 508

I got a chance to listen to the call. No q&a due to the quiet period surrounding their proposed offerings. Infergen inlicensed from amgn. $21M upfront, $8M in milestones. Full data package plus 4 large phase iv trials with 1000+ accrued, also rights to peg-infergen. Actimmune sales targets raised for the 2nd time this year. New target is $31M this year, which is up from $26M and $24M. $35M sales est including amphotec and infergen. Increasing spend rate to cover broadened trials for actimmune and infergen, plus relaunch of infergen and amphotec. $40-$45M cash burn this year, up about $10M from prior est. No sales or cost estimates given beyond this year. Target profitability remains late '03. IPF trial population is being expanded to 300 patients from 260 to account for europe. Current accrual is at 233. They expect complete enrollment in august, results in late '02. Starting a combo trial actimmune/rituxan for 2nd line NHL. Liver fibrosis phase II to start 2H. All in all, another fine move by itmn imo. They've now inlicensed 3 approved drugs off the scrap heap for next to nothing, have resurrected one and are adding drugs that fit right into their commercial sales force with potential synergy with actimmune. Hopefully they'll keep a close reign on expenses and retain what I believe is tremendous potential earnings leverage.

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