IDPH--Positive preliminary results for pivotal trial of ID Message Board

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Biotech / Medical : IDPH--Positive preliminary results for pivotal trial of ID

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To: Howard Henick who wrote (137)	12/1/1996 1:34:00 AM
From: I. Luttichuys	of 1762

Hello Howard, I feel like I should go post over on IMGN about this but here goes :)... I haven't followed IMGN for a while but some things concern me about it. There are alot of IMGN shares out there and Oncolysin-B seems to show efficacy only when combined with Chemo and Radiation. I believe that the market may perceive that there are other pharmaceutical companies out there with targeted immunotherapies that are further along and therefore may not see IMGN's candidate as novel. I believe that Oncolysin-B has shown good efficacy with AIDS patients with respect to Lymphoma but, right or wrong, with AIDS the market seems to believe the protease inhibitors have saved the day and feel that maybe AIDS patients will no longer suffer from Lymphoma in significant numbers. I know reasonable people aren't so sure its time to believe that protease inhibitors have saved the day but I'm quite sure the market psychology in such matters tends to be quite simplistic. (witness what happened to Gilead and Vistide). It seems like the "Xoma situation" to me at present. I have owned both stocks. I traded out of Xoma immediately following the announcement of GNE's agreement with Xoma at a profit. I felt that GNE's real concern at the time was with IDPH and this turned out to be correct. I got out of IMGN in August when the thing about colo-rectal cancer and mice was announced. Sold into the rally so-to-speak. Seems everytime a biotech mentions mice, its a signal to sell it if you own it and short it if you don't [shorted ONXX after a "mouse article" to stunning effect :o) ]. In both situations there were promising drugs but other concerns out there -- both financial and psychological. Problem with the market is that not only does the stock you pick have to be promising, but nothing else can be more promising. Whenever I forget that, I get burned. Therefore my hesitancy about IMGN. Anyway, took that money and put it in IDEC and am still here. Of course I realize that later all this could change and I could find myself in IMGN again, and it may become quite profitable but, at present and for the reasons outlined above, I am on the sidelines frying other fish, waiting for something to happen with IMGN to coax me back. GOOD LUCK, BENNETT

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