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Biotech / Medical : ARADIGM CORP. ARDM

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To: Robert Parker who wrote (25)	1/12/1999 11:11:00 AM
From: Phil Cressman	Read Replies (1) of 255

Robert it is really great to have a contributor who has actually used the system. I have been trying to get some comparison between Aradigm and a BB company Generex Biotechnology (GNBT). Generex also is in phase 11 trials and has approval for stage 111 on their inhail system which uses liquid insulin formulations. A 70 person trial is underway in Toronto (Location of Company) at the Banting Institute. They also have trials in the US and Latin America. Generex and Inhail are the furthest along in trials but I have some reservations about their system and financials. First I note that GNBT are using a device similar to an asthma inhailer which I think would be dose specific where I believe that most diabetics have to tailor their doseages to their daily experiences! Question? Is the Aradigm device simple enough to be marketed to individuals as are some new glucose sampling devices or is it going to be a very costly piece of equipment? My second concern is about partnerships and finances relative to share prices. GNBT currently trades at about $ll.50 with 13.3M shares. ARDM at $12.50 has only 12M shares and the two company's Market capitalization are roughly equivalent. However I note that Aradigm has a much, much, better fiancial base. Cash on hand $31M vice $1M, Shareholder's equity of $25.5M vice $2.6M etc. With ADRM's partnerships and financial condition I can see no reason for these two companies to trade in the same range at all. Unless there is some tremendous advantage of the technology platform held by Generex (beyond my ability to determine) one of these companies is either over or undervalued by the market. I am completing DD now and unless I can obtain some scientific validation of the approach by Generex I will be buying ADRM with expectations of share prices in the $30 to $50 over the next two years. The great advantage of ADRM is that they have the partnerships, finance, and business plan necessary to get their systems to the market.

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