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Biotech / Medical : Biotransplant(BTRN)

BTRN 35.57

-0.8%

Nov 3 4:00 PM EST

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To: Arthur Radley who wrote (1325)	5/21/2002 11:15:00 PM
From: Arthur Radley	of 1475

Morgan Keegan Update! by: PrintedWords (M/Corner of Third and Main!) 05/21/02 11:11 pm Msg: 1858 of 1858 MK's Buddy Lyons issued an update two weeks ago under the title..."Clearing the Air" Highlights of his update: Siplizumab alive and well. Cash concerns overblown. AlloMune data results encouraging. "Siplizumab has become a recent victim of the investor fear factory. Recently, it came to light that two retreatment trials would be conducted. When this information was divulged, investors were quick to sell position, suggesting that investors were worried about the efficacy and future potential of sip. In fact, being retreated in this case was essentially a follow-up study of patients who had been treated previously. The goal of the retreatment trials is to assess the long-term benefits of sip. by measuring the compound's efficacy in patients who had previously received the compound. From this perspective, this news only serve to support the long-term benefits of using sip. and validate this treatment as an effective therapy for psoriasis patients. Furthermore, speculation regarding the future of MEDI-507 was laid to rest as management of MEDI provided an update on the status and future of the compound. On the conference call, MEDI stated that (1) the 124 patient Phase II study has been closed (2) the 121 patient subcutaneious Phase II trial being conducted in Europe should be completed in Q2:02 and (3) the data from the 420 patient multi-arm study that closed in Q4:01 should be available in Q3:02. Management stated that an "enormous" amount of data would be presented before the end of Q3:02 and that a Phase III trial should begin in Q4:02. ......the summer conference of the Am. Academy of Dermatologists happens July 31-August 4. We are speculating that this would be an appropriate venue to present some of the Phase II data. Additionally, MEDI plans to start two Phase II trials in PA(0ne involving Sip. in combination with methotrexate and one with sulfasalazine). According to a Jan. 02 survey by the National Psoriasis Foundation approx. one million patients suffer from this disease. As for the cash issue, he states they have cash to take them to the first Q of 2003 and that he anticipates an equity offering between May and August. And he finally states..."We reiterate our Outperform rating and 12 month $13.00 target." Sounds good, but one must always remember...an equity offering and what Morgan Keegan does for the big bucks. At least I'm encouraged....

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