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Biotech / Medical : Biotech Short Candidates

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To: tuck who wrote (697)	8/18/2004 3:55:58 PM
From: tuck	of 897

NKTR has bounced back from its gap low caused by credible rumors of Exubera being "not licensable at this time" by EMEA. siliconinvestor.com Volume has been getting lighter. Minutes of an April meeting of the British Committee on Safety of Medicines on April 29, stated that objections had been raised to an unidentified diabetes drug going through the centralised European drug assessment system. "The committee endorsed the view of the rapporteurs that this drug was not licensable at this time and raised further major objections." Per Reuters. I dug into the EDGAR archives. After that last meeting, insiders pretty much stayed the course because they had to. But two large institutions sold off significant holdings. Citicorp sold half, Oppenheimer 1/3 of their positions. Though the company source cited in the Reuters PR claimed it was confident it could meet the objections, I wonder. The announcement by Aradigm and Novo with their problem came a day after that committee meeting. I suspect that docs on that committee may have caught wind of those issues. OTOH, if they did not, then perhaps the objections raised could indeed be met by the data released a few weeks ago concerning Exubera's long term safety (which apparently did not include the metric that whacked ARDM, so my concern about that remains, regardless). I've got an itchy trigger finger here. I think I will short a half position right here, looking for two or three points, at $13.05. Cheers, Tuck

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