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Biotech / Medical : Neurex Corporation

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To: ChinuSFO who wrote (370)	11/14/1997 1:24:00 PM
From: NeuroInvestment	Read Replies (1) of 449

Neurex still expects patient accrual to be completed by year-end or so; my impression from the conference call was that the mid-98 NDA, given the time it takes to compile, analyze, interpret, and then organize the data into the NDA 'dossier', was not an enormous surprise to anyone. What was a surprise was the fact that Neurex has decided to charge $385 per pt for Corlopam, instead of the $200 per pt that had been the working figure. The Company states that their market research indicates that this will slow market penetration considerably during the first year, but that over the longterm, earnings will be enhanced. I have some reservations about this given the fact that they are seeking to compete with very cheap generic alternatives. I believe that the drop may have reflected (besides the fact that lots of small-cap biopharm companies were hammered) some anxiety that Neurex was overpricing the product and would be handicapped in attempting to sell it to hospital pharmacy boards as a reasonable alternative (i.e. that they are pushing the pharmacoeconomic envelope too far). NeuroInvestment

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