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Biotech / Medical : Cambridge Antibody Technology Group

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To: nigel bates who wrote (316)	1/7/2003 9:05:09 PM
From: keokalani'nui	Read Replies (1) of 625

Things have really been going right for CAT. Compared to March, when it was at $22/sh., its lead, and highest valuation program, has been approved in unexpected record time; with an expected $30-$40mm peak royalty stream. It has single-handedly mopped up the world-wide bag of snakes known as phage display IP. It is due to start the first pivotal (it is pivotal, right?) US trial in glaucoma scarring, and you've got THE master promoter pounding the tables for BlyS and TrailR (in clinic or soon to be). The great one, Merck, liked CAT's HIV Mab so much they licensed the whole CAT library and built 2 new labs to play with it. With scleroderma and/or lung/kidney anti-scarring out there as possibly crowning jewels. All that and the stock now trades at $9 with a $338m MC, notwithstanidng $200m cash. (I will point out however, that 2003 cash burn guidance is -$63m.) Still, looks to me like there is no risk of a dilutive financing. This really is a good time to be a BT investor. Too bad I didn't raise the money when it was at $22 to buy more today. 2003 going to be a key year for CAT. You guys who put it in your contest entries will probably be glad.

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