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Biotech / Medical : XOMA. Bull or Bear?
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To: aknahow who wrote (5238)1/3/1998 5:08:00 PM
From: Arthur Radley  Read Replies (1) of 17367
 
Interesting article in the current Worth magazine on biotechs. Article mainly quotes Alan Carr, President of H & Q Capital Management and David Molowa, Bear Stearns analyst.
Carr estimates that 150 biotechs are in late-stage phase III trials and conservatively projects that 1/3 will be approved in next 18 months.
Molowa has a grid showing that Phase III trails are 1-4 years duration costing an average of $53 M and that 45% end in failure.
Carr has a disturbing comment that directly relates to Xoma.
Quoting the article....Carr also prefers to invest in companies that pursue multiple lines of research and that target conditions caused by a single known factor. "We try to avoid investing in therapies for multifactorial diseases like septic shock," he explains. "They are very complex, and the ability to intervene at one point with a cure is not often that apparent."
He is probably correct but if Xoma gets it right just think what a winner it will be!
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