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Biotech / Medical : Biotech for less than cash value

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To: rkrw who wrote (79)	7/9/2002 12:06:04 PM
From: Michael Young	Read Replies (1) of 684

<<Dovp $63.0 $75.0 >> I've been tracking DOVP recently. Haven't purchased yet, but it appears compelling. This was a recent IPO that turned out to be disaster. CIBC and Lehman actually had initial strong interest and RAISED the offering range to $15-17. But the horrid bio market combined with bad publicity of an SEC required revision to some financials on the day of the IPO caused it to be priced at $13. The SEC required revisions were very minor, but the bad publicity caused the stock to immediately tank in the aftermarket. It appears to have found a home in the $4 range and trades with minimal volume. I have a CIBC report claiming the company will have four products in Phase III next year. The lead is NBIX's insomnia drug. They only get a 3.5% royalty, but I have seen reports claiming this could be a billion dollar drug. Not bad considering it is pure profit and the company only has around 16 million shares outstanding. They also have an anxiety drug that is supposed to have a much better side effect profile than existing therapies. It was behind IDEV's Pagoclone, but now appears in the lead since PFE dropped development of that drug. I'll post more details when I have the report in front of me. Comments are welcome. MIKE

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