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Biotech / Medical : IMMULOGIC

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To: Lyle Abramowitz who wrote (22)	4/19/1996 10:20:00 AM
From: Paul Getman	of 305

Schering, a large pharmaceutical company in Germany, sold their shares in IMUL. That sale produced the weakness you saw in the share price. Schering is maintaining their research program for development of an MS drug with IMUL, so the stock sale isn't significant. When Schering made its investment, IMUL's stock was half the price it is now and IMUL needed a cash infusion. But the company currently has over $86 million in cash, enough for about next 2-1/2 years, so cash isn't an issue anymore. Vector Securities and UBS Securities recently reaffirmed their buy ratings on IMUL. Both say the company's share price is cheap given that they will probably file two PLA's over next year and have $86M in cash. We should be hearing the pivotal results from Allervax Cat over next two weeks. Good news should produce a hefty increase in the share price; of course, bad news will do so in an opposite direction. Paul

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