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Biotech / Medical : IMMULOGIC

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To: Lyle Abramowitz who wrote (32)5/7/1996 6:22:00 PM
From: Paul Getman   of 305
 
Hi Lyle,

Something to keep in mind regarding IMUL's tests is that they allow subjects to stay on their prescription antihistamines if they are using them during the trial. Since most people with severe allergies use some kind of antihistamine, the clinical significance of Allervax is reduced by the presence of the antihistamine. Yet, even with the antihistamine, Allervax significantly reduces allergy symptoms. Another point to keep in mind is that Allervax reduces all major allergy symptoms, while antihistamines often don't do so.

The market is currently valuing IMUL's technology at a ridiculously low amount: market value = $220 - $86M cash end '95 = $134M. That's a very, very low amount relative to its peers, especially for a company with two Phase III trials.

Also of note: the Wall Street Journal had a nice piece about new allergy treatments that mentioned IMUL this past Monday.

Paul
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