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Biotech / Medical : IMMULOGIC

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To: Bhag Karamchandani who wrote (14)	3/25/1996 6:53:00 PM
From: Paul Getman	of 305

The absence of a partner won't affect the initial introduction of Allervax--most allergists are already aware of the drug and its potential--but clearly IMUL needs a partner to take it beyond the introductory stage. While IMUL says in can manufacture Allervax initially, again it needs a partner with manufacturing facilities to produce the drug in large quantities. So, it doesn't have to have a partner this year and IMUL can take both Allervax drugs through to FDA approval on its own, but the company must fund a good mate by 1997. I'm not sure how much funding their oral formulation of Allervax needs, but I suspect it's a lot. Rumor has it that one of the reasons why HMR and IMUL parted ways was because IMUL was putting pressure on HMR to fund oral versions of Allervax. IMUL has enough cash to get another Allervax trial going (probably for Allervax for Japanese cedar trees), but it will need a partner to do much more than this. It appears that HMR sold its remaining shares (about 7% of IMUL's outstanding stock) on Friday, so at least this overhang is over. Paul

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