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Biotech / Medical : IMMULOGIC

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To: Harold Engstrom who wrote (52)10/7/1996 5:19:00 PM
From: Paul Getman   of 305
 
There is one important news item that may well come before the pivotal phase III trial data on Allervax Cat and Ragweed--the announcement of a new partner to replace HMR. IMUL has promised that it would secure a partner within one year of HMR's decision to terminate the relationship. That would be by March 1997. However, Wall Street is putting lots of pressure on IMUL to announce something significant before year end. At a recent analyst meeting I attended, several analysts criticized IMUL management (in what was otherwise a friendly meeting) for not appreciating how strong a signal a new partnership would send to the investment community about IMUL's technology.

Depending on who the partner was, the territory covered (IMUL has said that it may want different partners for different parts of the world), the royalty arrangement (if revealed), the stock could perk up significantly on the announcement.

Paul
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