MAXM: Maxim Pharmaceuticals Message Board

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Biotech / Medical : MAXM: Maxim Pharmaceuticals

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From: mopgcw	8/29/2004 9:03:32 PM
	of 35

Maxim Pharmaceuticals (MAXM-NNM) by Brean Murray (7, Aug. 25) We are maintaining our Sell rating and lowering our target price to 2 from 4, representing our cash-per-share projection. We believe Maxim has no other evaluable drug candidates beyond Ceplene. Our projected Ceplene failure in melanoma should also wipe out Ceplene's use in acute myeloid leukemia (AML), as Maxim has previously stated that success in melanoma is required for the company to proceed with the AML indication. With other potential Ceplene indications (e.g., renal-cell carcinoma and hepatitis C) far behind in development compared to melanoma and AML, we believe Maxim should trade at cash value upon our projected failure of its pivotal trial later this quarter.

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