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Politics : Ask Michael Burke

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To: James F. Hopkins who wrote (19169)	6/15/1997 7:01:00 PM
From: Knighty Tin	of 132070

Jim, I used to own Autoimmune at a very low price and was thrilled when the manager of a biotech hedge fund spoke glowingly of it in Barron's. I sold it as it went up. The problem with this co. is that the failure of the drug is not an isolated incident such as those that happen to everyone from Amgen to Cephalon where they just say that one didn't work and here comes the next one. AIMM saw the failure of their entire approach. A good concept that did not work out scientifically. True, they may be able to come up with another drug discovery platform, but, if so, they will need a lot more cash than they have right now. And I don't see where they get the funding. I see mgt. using the cash to keep people employed and maybe taking on some overflow research from other cos. But I don't see a lot of upside here. I would prefer them to close the doors and pay off shareholders with whatever cash they have, but that is not likely to happen. MB

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