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Biotech / Medical : Biotech Lock Up Expiration Hell Portfolio: Wave II
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To: tuck who wrote (45)8/6/2004 12:54:33 PM
From: tuck   of 107
 
Speaking of shorts, BLUE HP II will cover EYET here at $34 for a smallish loss, somewhat over a grand. The position was taken before PII results for Macugen looked rather good in diabetic retinopathy patients. If the stock were to come back much more, I'd actually consider buying ahead of the FDA committee meeting, as I think approval is likely. Questions might be raised about the possibility of infection with all those injections given in setting unlike those of clinical trials. But I think the vote will go Macugen's way. At that point, BLUE HP II might take another whack at it in the $40s, for the above reasons. Probably in two chunks. One on approval, another a ways after launch-- if it starts well -- when I'd expect that issue to start becoming manifest.

Cheers, Tuck
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