Thursday October 1, 12:15 pm Eastern Time
Company Press Release
Special Biotechnology edition of The
Wall Street Transcript
NEW YORK--(BUSINESS WIRE)--October 1, 1998--The
Wall Street Transcript has just published its annual biotechnology
issue including a 46-page focus on the sector. Vital reading for investors and companies in the
sector, it features:
1. A timely and insightful roundtable discussion featuring Jeffrey Casdin of Casdin Capital Partners,
Margaret Malloy of Hambrecht & Quist, Craig Parker of Donaldson Lufkin & Jenrette, William
Slattery of Amerindo Investment Advisors, and Elise Wang of PaineWebber. Poor sector
performance this year, as small stocks have been battered, provide the background for this
comprehensive review of technologies, FDA performance, industry structure and management within
the biotech industry. A recent rebound reflects ''oversold conditions'' according to Slattery, and
going forward, the distinguished panel points to consolidation of the sector and more proactive
investor behavior forcing the sector towards better financial performance. ''The individual investor
is... increasingly becoming an important source of capital for the biotech sector,'' suggests Wang,
because it offers ''a story many individuals relate to in a personal way.'' The technologies that have
broken through this year are monoclonal antibodies and genomics, where ''the convergence of
computer technology and biotechnology ...is going to create an incredible explosion of very specific
drugs'' says Casdin. Slattery's approach is to invest in ''extraordinary management, clinically
meaningful and proprietary technology and access to cash.'' The group identifies specific
recommendations amongst both large and small cap stocks.
2. An off-the-record article in which the CEO performance of 16 biotechnology companies is
reviewed confidentially by analysts, money managers and industry experts. Many CEOs are praised,
including two that are singled as being ''the best CEO in the industry,'' and ''at the top not just this
year but over the past several years.'' One management group, however, is accused of being ''lazy'',
having ''not done very well'', and being ''in some sort of major denial about how serious their
potential problems are.'' Vital insight for investors.
3. A special interview with Kurt Von Emster, manager of the Franklin Biotechnology Discovery
Fund at Franklin Advisors. While the fund is down for the year, Von Emster insists that ''you have
to invest for five plus years'' and that in fact ''valuations are at record lows...companies have tons of
cash'' and ''fundamentals...actually improved a little bit beyond my expectations this year.'' He
reviews the overall market, therapeutic categories, changes at the FDA, and the likely consolidation
of the industry. He discusses his core holdings and the reasons he likes them. For investors in these
stocks, he says, ''the Wall Street market is very inefficient...a little more knowledge about the group,
a little more work on the company, and you can have an advantage over most of Wall Street.''
4. Three in-depth interviews with CEOs of biotechnology firms: Robert Harris of Commonwealth
Biotechnologies (Nasdaq: CBTE - news), Charles Baker of The Liposome Company (Nasdaq:
LIPO - news), and Jeffrey Jonas of AVAX Technologies (Nasdaq: AVXT - news) discuss their
companies; the technologies, products and markets they work with; and the prospects for investors.
Companies discussed in this special focus are: Agouron Pharmaceuticals (Nasdaq: AGPH - news),
Alkermes (Nasdaq: ALKS - news), ALZA (NYSE: AZA - news), Amgen (Nasdaq: AMGN -
news), Amylin ((Nasdaq: AMLN - news), Aviron (Nasdaq: AVIR - news), Biogen (Nasdaq:
BGEN - news), Cambridge Neuroscience (Nasdaq: CNSI - news), Centocor (Nasdaq: CNTO -
news), Chiron (Nasdaq: CHIR - news), COR Therapeutics (Nasdaq: CORR - news), CV
Therapeutics (Nasdaq: CVTX - news), DepoTech (Nasdaq: DEPO - news), Du Pont (NYSE: DD
- news), Emisphere (Nasdaq: EMIS - news), Ergo Science (Nasdaq: ERGO - news), GelTex
Pharmaceuticals (Nasdaq: GELX - news), Genentech (NYSE: GNE - news), Genzyme (Nasdaq:
GENZ - news), Gilead Sciences (Nasdaq: GILD - news), Human Genome (Nasdaq: HGSI -
news), IDEC (Nasdaq: IDPH - news), ImmuLogic (Nasdaq: IMUL - news), Immunex (Nasdaq:
IMNX - news), Incyte Pharmaceuticals (Nasdaq: INCY - news), Inhale Therapeutic (Nasdaq:
INHL - news), ISIS (Nasdaq: ISIP - news), Matrix Pharmaceutical (Nasdaq: MATX - news),
MedImmune (MEDI), Millenium Pharmaceutical (Nasdaq: MLNM - news), Nycomed Amersham
(NYSE: NYE - news), PathoGenesis (Nasdaq: PGNS - news), Perkin-Elmer (NYSE: PKN -
news), Sangstat Medical (Nasdaq: SANG - news), Schering-Plough (NYSE: SGP - news),
Sepracor (Nasdaq: SEPR - news), SUGEN (Nasdaq: SUGN - news), Synaptic Pharmaceuticals
(Nasdaq: SNAP - news), Transkaryotic Therapies (Nasdaq: TKTX - news).
For a copy of this complete issue, which also contains interviews on other topics with analysts,
money managers and CEOs, contact Robert Ruffin at (212) 952 7433 or use the web at
secure.addy.com. There is a $175 charge for the issue. The Wall
Street Transcript does not endorse the views of any interviewee nor does it make stock
recommendations.
The Wall Street Transcript is a premier weekly investment publication serving serious long-term
investors for over 35 years. The Transcript publishes industry roundtables and interviews with Wall
Street analysts, money managers and company CEOs, and is read by top money managers, brokers
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