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Biotech / Medical : VICL (Vical Labs)

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From: bob zagorin	5/31/2006 2:56:12 AM
	of 1972

i guess goldman wasn't impressed.. "...Vical Inc. EPS (FY Dec) 2006E ($0.87), 2007E ($1.03) Underperform/Neutral (VICL) $6.55 We view Vicals partnership with AnGes MG on Allovectin-7, a DNA-based immune-stimulator for metastatic melanoma, as a minor positive for the company. The deal will provide Vical with approximately $23MM to fund a Phase 3 U.S. trial of Allovectin-7 in metastatic melanoma, up to $77MM in sales-based milestones, and royalties. Vical will retain rights to Allovectin-7 in the U.S. and Europe. We expect the Phase 3 trial to begin in mid-2006. Vical will likely seek additional partners for commercialization in Europe. While the deal offsets risk and provides funding, the royalty rate is relatively low for a product entering Phase 3. We maintain our Underperform rating while awaiting progress on proprietary projects. Our coverage view remains Neutral. Risks to our rating include acceleration of pipeline development, avian flu pandemic, and acquisition with a premium...."

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