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Biotech / Medical : Pharmos (PARS) -- Ignore unavailable to you. Want to Upgrade?

To: Cacaito who wrote (920)	10/11/1999 11:49:00 AM
From: LLCF	Respond to of 1386

<Pharmos is moving alone with Phase III> You have to admire they're hutzpah! That said, I'd love to know what they turned down. Harry, are you around? DAK

To: Cacaito who wrote (920)	10/11/1999 12:36:00 PM
From: schadenfreude	Read Replies (1) \| Respond to of 1386

Cacaito, Many questions: Is the 300 trial size large enough for approval. I'm thinking of safety as well as efficacy. So far, this molecule has proven to be very safe, but might the FDA be concerned about that one-in-a-thousand adverse event? Is Pharmos looking for a private investor (e.g., Icahn, Gates) to finance PIII? The remaining credit line won't last long and I'm very concerned about dilution with the share price at <1 1/2. >1. They are not willing to risk due to mediocre data. 2. Aviv is not willing to give company away. 3. But they are willing to join later (and pay what Aviv is asking) when more data available.< I'm very interested in your thoughts on (1). Yes, the drop in the mortality rate was less than hoped for and not statistically significant. However, the probability for approval and large sales is quite high IMO. My take (my hope?) is that Aviv is asking for PIII royalties for PII results. I am quite content to have the company go it alone provided that they can raise the additional capital needed to complete the trial, SOONER rather than later. BTW, I appreciate your considerable contribution over on the XOMA thread. The truth was apparent for all to see--some just weren't ready to see it, myself included.

To: Cacaito who wrote (920)	10/13/1999 8:10:00 PM
From: arnie h	Read Replies (2) \| Respond to of 1386

Cacaito: <Position: I am a holder, this is a high risk investment, not buying more at this time.> I wouldn't necessarily characterize Pars as a high risk investment at this point. Rather, it seems that the risk/reward ratio has changed considerably. From the recent PR, it certainly appears that HU211 will be a slow go and is not attracting the kind of validation and investment needed from others in the industry. Nonetheless, Pars has some fine assets; namely, the ophthalmology products and family, a positive revenue stream that is growing nicely, a tax loss carry forward in excess of $80 mil, a limited debt structure, and several research leads in important areas. As noted in a previous post, the change in accounting rules that will take place at the end of next year will stimulate near term mergers. Being taken over seems the most likely path for Pars now. While it may not be at the kind of price we've been looking for, it should still significantly better than the current buck and a quarter. Cheers, Arnie