To all: Here's another post from the ENZON board @ Motley Fool...the place to be for ENZN IMHO if you havent checked it out yet.
<Date: Wed, Dec 10, 1997 13:51 EST
From: ABarr158
Message-id: <19971210185100.NAA21946@ladder01.news.aol.com>
Here are a few of the impressions i got from the co. meeting:
I too got the impression of a much more relaxed feeling with the officers and directors of the co.I particularly liked the challange from Thurman to Tombros that he promise the shareholders a double or a triple in stock price between now and the next co. meeting.Naturally Tombros let that slide.
Peg-Campto showed impressive animal results in pre clinical studies.In one control group it cured 50%+ of mice with transplanted HT29 human tumors(colorectal)the balance showed greatly reduced tumors.Those totally cured continued to show no sign of the tumor after 30-40 days.Drug has also shown excellent efficacy on lung,breast,liver and just about every other human cancer except bone and brain due to various difficulties in delivering the drug to
those sites.Unpeged version was shelved years ago due to liver toxicities.Enzons peged version evidently overcomes that problem.Enzons version has a Peg linker which is designed to dissolve when the drug arrives at the tumor site.Drug then moves inside tumor resulting in improved efficacy and much lower toxicity.Peg-Campto(Prothecan)has been able to deliver 30-40 times more drug to tumors then other formulations.
Peg-Hemo:Co. expects to finish phase 1b early next year.Co. has opened more sites and is no longer having trouble signing up patients.Enzon now has the ability to produce all the Peg-Hemo necessary for clinical trials upto and including limited commercial production.In a conversation i had with Tombros,he indicated that the co. is going slow on selecting a blood partner for phase II,and would be willing and able to take Peg-Hemo thru phase II
themselves.If results really looked promising,co.would then look at raising capital,conducting phase III on their own,and keeping the drug for themselves.He also said that they had learned a tremendous amount from phase 1b study.
Enzon now considers itself to have a world class drug production facility.One of only two or three biotech's to have such facilities.
Cash burn is now down to between 200,000&400,000 per month.Splitting those numbers down the middle,gives you roughly a loss, of 3,600,00- per year.With Oncaspar and Adagen revenues increasing profitability should not be too far off.
Three formulations of Peg-Intron A were sent to Schering in June1995.Schering selected what they considered the best formulation and starting from Pre clinical went to phase III in 2 years.Anyone familiar with the FDA approval process will understand just how lightening fast that was.This version has an improved saftey profile,greater efficacy,and 1 shot per week versus3 shots per week.Co. feels that the new drug if and when approved shoud take
market share away from Scherings Intron A competitor,Hoffman LaRoche.Right now they basically split a 1,100,000,000 market.Tombros(projecting a very conservative estimate) feels that upon approval Enzons earnings could realize at least $1.00 to $1.50 a share.
Green Cross: Looks like Enzon is going to have to go to arbitration to settle the royalty dispute.Green Cross has an American subsidiary,so i believe the request for arbitration will be filed in America.Looks like Green Cross is only offering between 2&5%.The co. feels that the royalty rate offered is so low that they can only gain by going to arbitration.Enzon thinks that Green Cross is going to file their NDA,or has already done so.Expect ground to
be broken for new plant sometime next year.
RPR&Medac have formed a global clinical team.Medac is now in U.S talking to RPR(sharing info)
Wall st.(due to customer requests for info)now beginning to call co.
Regards A.b
Ps Sonic hang in there.IMHO the worst that can happen to you with this company is a takeover at a cheap(10-20)price.
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