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Biotech / Medical : Biotech Valuation

CRSP 56.89

+1.2%

Jan 14 3:59 PM EST

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To: David Howe who wrote (6471)	6/4/2002 5:00:01 PM
From: Biomaven	Read Replies (2) of 52153

David, My view is that MLNM is cheap at these prices, particularly if you take a multi-year view. Right now the market doesn't want to pay for early stage drugs and that's where MLNM's assets are concentrated. Recall those dot.coms that had too start changing their name to avoid the taint? Well anything genomics related presently falls into the same category as far as investors are concerned. (Recently I've also heard some doubt cast on Integrilin's growth potential as well.) It doesn't help that the pharma are at a 2-year low as well. Looking at the positive side, they have a lot of cash, some great partnership agreements and a pretty nice looking drug candidate in MLN341. That's in addition to half-a-dozen or so decent looking Phase I drugs. And that's all for under 2% of PFE's (reduced) market cap. <g>. I, alas, still own some MLNM, but not as many shares as I once did. I've held them for ages - all the way up and down again. Peter

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