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Biotech / Medical : Alliance Pharmaceutical

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To: semi_infinite who wrote (363)	5/20/1999 6:18:00 PM
From: Alok Sinha	Read Replies (1) of 548

Oxygent had very favorable Phase II results (with about 500 patients) due to which J&J (which was the partner at the time) had accelerated a $15 MM milestone payment. The problem between Alliance and J&J (based on my talking to Investor Relations) was that J&J considered the promise (and profitability) of Oxygent as a heart drug much more than a blood substitute. J&J being a large resourceful company didn't care if it took another 5 years to bring Oxygent to the market as a heart drug. Alliance, couldn't wait that long esp. since Phase II results were quite promising. In any case, the press statements made it clear that the efficacy of the product was not the cause of the dispute. So you can decide whether it makes sense to invest in Alliance. They have two other products, one that has completed Phase III (Imagent) and the NDA will be filed in fall. Phase III enrollment for Liquivent is also underway. Both products had good Phase II results. I think the biggest risk that Alliance (and most boitechs) face is running out of money before the products hit the market. After the secondary offering, it will be critical to get a partner for Oxygent on board before the year is out. Regards Alok

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