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Biotech / Medical : Alliance Pharmaceutical

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To: Joinvestor who wrote (359)	5/17/1999 7:44:00 PM
From: Alok Sinha	Read Replies (1) of 548

In my opinion the inability to raise equity at higher prices is a reflection of the overall biotech market conditions. I have been talking to Alliance Investor relations (at least once every quarter), and their preference all along had been to do a secondary offering once the price moved higher. Since that did not happen, and they were in violation of one of their loan covenants it became imperative to raise funds. With Oxygent Phase III trials underway in Europe, and still awaiting green light from FDA for the US, they would not have the necessary leverage with a developmental partner. I think they will bring in a partner for Oxygent once anecdotal results from US Phase III start coming in (Q1 2000). I suspect they will do the Liquivent themselves, and get a marketing partner towards the end of Phase III enrollment (mid year 2000). Given that the burn rate has increased somewhat, the next three - four months will be critical as far as future prospects are concerned. I am hoping the Imagent NDA and US Oxyegent trials happen quickly. Since they continue to develop other products - Pulmospheres , etc, my guess is that the financial situation is not as bad as it appears. Regards Alok

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