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Biotech / Medical : ArQule
ARQL 20.000.0%Jan 16 4:00 PM EST
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To: Rio Jangada who wrote (319)4/16/1999 8:02:00 AM
From: Dr. John M. de Castro  Read Replies (2) of 399
 
All of the bad news appears to be built into the stock price. I agree that there is little downside risk. I doubled my position.

I had a talk yesterday with the ARQL CFO. Q1 earning report should be issued about the middle of next week. They're a little slower than usual issuing it because of the fact that the new CEO has only been on the job for a couple of weeks. The Roche and Abbott collaborations are over. The last shipments have gone out the door. I discussed with him how this would affect the bottom line. His answer was that he was confident that there would be new major pharma deals to replace these and by year end the bottom line would be fine.

I had an interesting talk with him as to why none of their molecules, and for that matter no one else's molecules, produced by combinatorial chemistry, had yet reached the clinic. He said that the chemistry was not the problem. That the ARQL program to produce leads was working very well. But, they had not anticipated the bottle neck that occurs after lead identification. At this point the future of the molecules development is out of their hands and in the hands of the collaborative big pharma. As he put it, they work at a different pace. He said that they hadn't anticipated the time and difficulties of performing the medicinal chemistry, pharmacokinetics etc. On a positive note, he said that this was the focus of their current expansion efforts. They are working on methods to overcome the bottle neck.

John de C
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