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Biotech / Medical : Biotech Valuation

CRSP 50.73

-5.2%

Nov 19 3:59 PM EST

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To: scott_jiminez who wrote (5480)	1/19/2002 12:58:51 PM
From: Arthur Radley	Read Replies (2) of 52153

In today's Barron's they have a feature article on IMCL....and I quote..."Barron's has a full copy of the December 28 refusal letter.....AND IT IS SEVERE." It appears that in August, 2000, IMCL and the FDA agreed on the protocol for the trials and it was clearly understood as to how the documents to support the trial would be required to submit the drug for approval. The December refusal letter points out that IMCL ignored the outlined documents that were agreed to in August 2000. I find it hard to believe that BMY knew of this August 2000 meeting and agreement between IMCL and the FDA. IMO the other shoe is going to drop soon on this deal between IMCL and BMY. It will be hard for BMY to void the deal and get their money back from investors, but this doesn't include the CEO and his brother. If they withheld vital information in the DD phase, this will be easy pickings for BMY's lawyers.

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