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Biotech / Medical : dsco Discovery Laboratories

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To: Phil Cressman who started this subject	5/13/2003 9:23:28 PM
From: JMarcus	Read Replies (2) of 318

Dr. Ron Garren has just added DSCO to his model portfolio. About it, he writes: <<Briefly the company is in late stage trials with a synthetic surfactant that I think will turn out to be superior to any of the animal products available. The most important Phase III is in premature infants with RDS (respiratory distress syndrome). These infants have not matured enough to make natural surfactant. This lipid/protein complex is what prevents the small air spaces (alveoli) in the lung from collapsing. What DSCO has is a synthetic formulation that contains the most important protein component (SP-B) as well as a major lipid. The only other synthetic product has only the lipids. Other competitor’s products are derived from pig or cow lung and are inconsistent in quality, difficult to make, and contain animal proteins (in the age of mad cow disease this is a problem). DSCO has orphan drug status for RDS, and other important indications including the largest indication ARDS (acute respiratory distress syndrome—this is what we are seeing with SARS). They also have patent protection, marketing agreements, further financing agreements and potential for even bigger markets with an aerosolized formulation, which is currently under development. As of 12/30/02 they had $19 million in cash and a line of credit with about $7.5 million left. The current market cap. is about $88.7 million. The RDS indication at the moment represents about a $200 million market with the ARDS market well over $1 billion. The initial Phase IIa results in a small number (22) of ARDS patients showed an excellent dose response curve with all patients receiving the highest dose surviving. A larger followup is currently underway. I think DSCO has lots of upside potential. The next critical data point will be results from the large (1500 premie) RDS trial sometime this year—this will make or break the company. >>

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