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Biotech / Medical : EntreMed (ENMD)

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To: Anthony@Pacific who wrote (1808)	3/4/1999 10:08:00 PM
From: Biomaven	Read Replies (1) of 2135

I also have no current position in ENMD, although I have had profitable rides on both the long and short sides. There is no way that anyone with the slightest understanding of biotech could interpret the ENMD announcement for anything other than what it was - a contract to have Covance attempt to manufacture the drug (by a different process than BMY had been trying). Covance is a respected contract manufacturer, but is not a partner in the venture as was BMY, and was not characterized as such in the announcement. I would characterize your "recommendation" as more manipulative than anything in the ENMD announcement. Peter

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