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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Merritt who wrote (64867)	7/20/1999 10:19:00 AM
From: Gary Mohilner	Respond to of 132070

Merritt, I believe IMGN's/SBH's decision to go after patients with each of the cancers they're targeting is demonstrating the confidence they have in the drug. Animal trails have been extensive, not only redone by SBH before the partnership, but redone with a new cell line when spoilage of some of the original drug forced delays and creation of the new cell line. As trials reach various stages, IMGN will receive over $40M from SBH in milestone payments, on sales they'll have double diget royalties. It's estimated that SBH will invest over $200M by the time approval is achieved. If the drug meets expectations, SBH will earn into the billions annually and IMGN will have sufficient funds to develop future drugs without needing partners. The initial payments should get their second drug, N901-DC1 through Phase 1 trials, these trials should begin early next year with victims of Small Cell Lung Cancer. While they will probably need a partner to complete Phase 2 and 3, SCLC is so deadly that most potential partners won't be interested until efficacy is shown, once it is they'll be beating down the doors. Potentially their next drugs are being tested in animals now, both Prostate and Breast Cancer are being evaluated. Their Apoptosis subsidiary has also supplied several screens to BioChem Pharma, and the possibility is good that they will have two drugs in trial next year. For a third tier Biotech company, IMGN has a lot going for it, especially at a share price under $2.50. Gary