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Biotech / Medical : Microcide Pharmaceuticals (MCDE)
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To: Larry Liebman who wrote (122)9/14/1997 11:48:00 AM
From: scaram(o)uche   of 186
 
Unfortunately, CVAS has been an interesting speculation at under $5, on and off, for a long time. ;-)

They're trying to tweek the business plan and squeeze out a bit of high-payoff potential. I don't see any immediate need to run out and buy. I've only got a little, just enough to make me keep my eyes open.

A bunch of good companies with old business plans got caught in no-man's land when biotech reawakened in '95. It's extremely important........ perhaps more important than any other focus.... to understand what happened to the pharma industry as it emerged from a focus on cost constraints and managed care. Research boutiques of the '80s and early '90s were caught with business plans that were not highly leveraged and which were competing with the new generation of screening companies. Study the business plan of InCyte and what it did to the industry. Good scientists were sucked up by incentive options, and pharma started to pour money into the new breed of biotechs that did what pharmas had always done (screening), but which had new tools to do it better and faster.

Old management at CVAS got caught flat-footed. New management is doing what they can to join the new world.

GLIA? No, I don't want to speculate, and portfolios are highly personal things. Oesterling used to be CEO of Collaborative Research, a company that I owned, occasionally, about ten years ago. Long on good science and vision, short on practical applications. We'll see if it's different this time.

Obligatory MCDE-related comment.... Rurka is my type of CEO.

Rick
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