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Biotech / Medical : Kosan BioSciences -- KOSN

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To: tuck who wrote (884)	2/28/2008 7:31:21 PM
From: tuck	of 933

Listened to most of it; Howard Liang from Leerink Swan basically asked my questions. The answer was that while there is a composition of matter patent for alvespimycin -- an advantage -- the formulation IP around tanespimycin is stronger, and other "new information" suggests the IP for alvespimycin was weaker. Management did not elaborate. In spite of dropping alvespimycin, the company does not foresee changing the number of employees this year. Johnson left for "personal reasons." My guess is the recent share weakness is due to an institution getting wind of this new information that torpedoes alvespimycin, and concluded, correctly, that fundamentally, the company was substantially weaker as a result. And I would agree. The company sees a niche in second line myeloma. I don't have high hopes for tanespimycin in solid tumors, and wish they would drop that program. TIME-2 to launch early next year. Anyone else got thoughts? TIA & Cheers, Tuck

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