Nortran Pharmaceutical -NRT.V Message Board

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Biotech / Medical : Nortran Pharmaceutical -NRT.V

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To: SOROS who wrote (641)	5/10/1998 11:34:00 PM
From: Edward W. Richmond	Read Replies (2) of 1185

Soros, I certainly agree that the Hoffmann-LaRoche deal puts Nortran into a new league. Six of the 34 stocks I hold are in the biotech area. Five are smaller emerging companies at various stages of development. Although I have done very nicely on some of the stocks, only Nortran has landed this kind of a deal this early in the product development cycle. QLT Phototherapeutics (QLT/QLTIF), a successful, although not yet profitable company, took a much longer time period and required much more advanced product development before they were able to line up partnership agreements. Although they are now on track with a good revenue stream, GenSci Regeneration (GNS) was frustratingly slow in signing partnership agreements . The large companies are very cautious about new products being developed by junior biotech companies and they do exhaustive investigating of both the product and the company. Unfortunately, I hold a relatively small position in Nortran. However, I am in for the longer term and I expect to be well rewarded. Regards, Ed

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