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Biotech / Medical : Nortran Pharmaceutical -NRT.V
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To: S. E. Baker who wrote (241)12/7/1997 7:08:00 PM
From: F. Jay Abella, III  Read Replies (1) of 1185
 
Steve:

This maybe a limitation for my model, but maybe is not. To me, if the product is worth less in phase I, than it is in the preclinic, then it should not be developed by a small biotech. That NRT partnered it in Asia so fart is a testimony to their ability to a) recognize this fact b) make deals with a partner who sought ownership, and c) discover enabling technololgy as a whole (speculation).

FJA

PS - You would be surprised at how many companies self fund trials for small market compounds (thus the reason for the management factor). GILEAD Sciences comes to mind. Spend 150mm to gain 15mm in sales? Ludicrous. As such, I cannot overemphasize my enthusiasm for NRT at these levels, relative to not just my valuation model, but to old fashioned common sense.
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