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Gold/Mining/Energy : Inflazyme Pharmaceuticals (T.IZP)
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To: Harold Lehman who wrote (1181)2/10/1999 8:51:00 PM
From: Rob  Read Replies (2) of 1501
 
Although this deal is indeed a satisfactory achievement I can identify with Ron's caution. Case in point: My largest position four years ago was a small biotech called Immulogic Pharmaceutical. They were working on a peptide-based immunotherapeutic for allergy, essentially an allergy vaccine, with a slew of follow up products. They entered into a very similar deal with Marion Merrel Dow, now Hoescht Marion Roussel. The stock went from eight bucks to twenty one in a very short period of time. I was a happy guy. They ran into trouble in phase 2-3 showing clear efficacy and Hoescht dropped them cold in late stage clinicals. The stock cratered. After large scale layoffs and facility closures they've managed to survive and develop a cocaine vaccine with government support but they were trading at less than two bucks last I looked. I'm not trying to rain on the parade, the news is better than I would have expected and obviously there must not have been too many dead monkeys. Unexpected toxicity was my chief concern. I've just had experience with this big pharma and their ability to pull the plug unexpectedly. Keeping that in mind I'm willing to be optimistic and hope the second time's a charm :)

Rob
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