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Biotech / Medical : Biotech Valuation

CRSP 54.58

-1.0%

3:59 PM EST

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To: Biomaven who wrote (9077)	9/9/2003 5:09:40 PM
From: Biomaven	Read Replies (1) of 52153

Interesting note from the REGN conference presentation today - Aventis wasn't the high bidder in dollar terms. Sounds to me like what sold them on Aventis was its willingness to run multiple trials in multiple indications in cancer as well as the eye indication. They've decided to proceed w/ Axokine - FDA says if they can match the previous study that would be enough to submit for approval. (And they got p<.001 in their study, so matching it shouldn't be too risky). Claim that three times as many axokine patients lost more than 10% of their weight than did placebo (p<.001 again). So I guess they are figuring that there is some subset where axokine works well, and given the size of the overall market that subset is enough to give them a decent drug. For this approach to work they ideally need some way to identify the subset - but perhaps people are desperate enough to just try the drug and hope they will be one of the lucky ones. IL-1 results around the end of the month. Peter

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