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Biotech / Medical : XOMA. Bull or Bear? -- Ignore unavailable to you. Want to Upgrade?

To: Cacaito who wrote (10576)	6/28/1999 7:01:00 PM
From: LarryS	Read Replies (1) \| Respond to of 17367

Hopefully X will release an updated FAQ shortly bringing us up to date on the I-Prex deal....and the meningo/trauma trials...and the... As far as the stock price this is just another confirmation that we have some good products here. We have hoped so for quite awhile but with Mel's $32 target and now the I-prex deal some of the doubts are being swept away....

To: Cacaito who wrote (10576)	6/28/1999 7:50:00 PM
From: aknahow	Respond to of 17367

Cacaito, you might be right, we just don't have the details. Here is a proposal. Mr. Jack Castello: Xoma does a better job than most companies in keeping shareholders informed. I propose that you take disclosure to a new level by providing shareholders with the most important financial terms of both license and partnering agreements. The competition already has a very good idea of the terms of these agreements. The only ones that do not know are the shareholders. Investing in biotech companies is already risky enough. Being kept in the dark makes biotechs even less attractive. You might say, "Xoma has no objection but the potential partners do." In that case insist on a more expensive package for keeping the details private. If there really is a value in non disclosure, it should have a price. At least charge them for insisting on following what is an outmoded procedure. I am convinced that should XOMA begin to follow this suggestion, it would win kudos from the investment community. Analyst would feel more comfortable rating XOMA. XOMA would regain a lot of trust. In addition should XOMA do this it would not take long for the S.E.C. to insist that everyone follow this standard.

To: Cacaito who wrote (10576)	6/29/1999 9:49:00 AM
From: aknahow	Read Replies (1) \| Respond to of 17367

So much we don't know. I would hope the commitment to spend on development is far more than the $5 to $10 you mentioned. I would hope it is on the order of $50 million over a maximum 5 year period. I hope the royalty is in the double digits and at least 25%. I must admit I don't understand how one can buy biotech stocks or should buy them when this crucial information is not generally provided. Those who preach that it's the science are wrong! It's also the business. A great science without great deals means nothing good for the shareholders. Sure without the science there is NADA also. Well I never guessed the partner would be Allergan. Who do you think the Mycoprex partner will be?