CNSI Cambridge Neuroscience Message Board

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Biotech / Medical : CNSI Cambridge Neuroscience

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To: molemania who wrote (234)	9/17/1997 1:29:00 PM
From: NeuroInvestment	of 675

I do not see any silver lining here. I had initially withdrawn my recommendation for CNSI when the stroke trial was halted, and one month later noted that it could be a speculative buy based on the TBI trial. My reasoning was that Cerestat is given at a dose 16x greater in TBI, and thus one might be more hopeful of efficacy. This did not happen, and thus not only is TBI dead as an indication, I see no reason to expect that the full analysis of stroke, at a relatively tiny dose, is going to provide anything positive. With Cerestat essentially moribund, one has CNS5161 in the earliest of Ph 1 trials, and GGF2 more than a year away from Ph1. The Company is trading right at its cash value (2.24 per share). One can argue that this gives no credit to its projects and expertise, but they are so early stage that valuation is ephemeral. One can hope for a buyout, but I do not build that into my models, that is little more than gambling. The Company has $40 million and thus can survive, but I do not see any rapid recovery. This news was more dire and serious than the earlier stroke discontinuation. NeuroInvestment

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