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Biotech / Medical : XNVAY or XEN
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To: James Silverman who wrote (22)7/21/1997 3:11:00 AM
From: James Reynolds   of 28
 
Jim,

The UK biotech sector is severely depressed. As you know the Celltech septic shock failure a few months back knocked sentiment badly, then Cortecs announced positive but slightly confusing results for its oral calcitonin product, and more recently British Biotech announced delays in clinical trials on its two lead drugs Zacutex for pancreatitis and Marimastat for cancer. US trials of Zacutex were delayed by about a year by the need to recruit significantly more patients, while Marimastat trials are falling a little behind schedule. While these sort of delays are commonplace with biotechs the news did nothing to help an already depressed sector

Chiroscience and Xenova are back to extremely attractive levels.
Both have fallen sharply on very low volumes, for no fundamental
reason. This is due really to a lack of buying interest at present
and comes as both companies continue to make impressive progress.
With Chiro, investors are perhaps waiting for a distribution deal on Levo and the results of several Phase III Levo trials due out later in the year. Investors are looking for a big partner for Levo - whoever Chiro signs a distribution deal with will go some way to help investors decide just how big a drug Levo may become - ie. the bigger the partner the better the chances of big sales.

The UK biotech sector certainly needs a kickstart. Companies like Chiro and Xenova look very cheap but it may take some time for sentiment towards UK biotechs to turn more positive.
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