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Biotech / Medical : Guilford (GLFD) - Steadily Rising

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To: Steve who wrote (210)	4/22/1998 8:27:00 PM
From: NeuroInvestment	Read Replies (1) of 496

The rollout quarter was deceptive, because inventories were built up, and sales then decreased as hospitals worked through inventories. Sales were up slightly 4Q:97 to 1Q:98, and Craig Smith during the analysts conference call stated that a substantial increase would be seen this quarter, citing purchase orders already booked by RPR. Clearly the neuroimmunophilin program is going more slowly than expected; now that they have selected Parkinson;s as the target, they will move into more advanced toxicology studies (and when they do, a $1 million milestone payment comes due). However, Smith would not promise that human trials would start this year. NeuroInvestment (www.neuroinv.com)

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