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Biotech / Medical : Biotech Valuation
CRSP 61.96-3.2%9:30 AM EST
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To: JMarcus who wrote (10048)1/16/2004 11:41:50 AM
From: Biomaven  Read Replies (3) of 52153
 
Marc,

Thanks for the update.

Some years back, PCYC was one of my major holdings. Then I began to have doubts based on inconsistent and unresolved mode-of-action issues and the company response to them and I sold my stake (as reported on the PCYC thread and likely on this thread as well). I played their final Phase III trial (which I said was 50:50) with a few calls which went bye-bye when the trial failed.

This new pivotal trial grew out of a subgroup analysis of their failed Phase III. I can't say I've followed them at all since then.

Some cautions on their management style. Failed programs never officially died with a corresponding public announcement - they just fade away. For example, they had an approvable letter for a contrast agent subject to stability testing - for years they never got approval or said it was dead. Similarly, they had multiple trials of LuTex for breast cancer - there the trials just seemed to fade away - I don't know their current status. So bottom line to my mind is that they were never upfront with bad news.

I haven't really followed them for a year or two, so perhaps they are better now.

I'd be interested in your impression of the private company Metaphore - I (together with a few other SI biofreaks) own some shares.

Peter
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