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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: All Mtn Ski who wrote (596)	11/5/1999 11:04:00 AM
From: Bob Howarth	Respond to of 10345

That is what got me. There is obviously other stuff but it is only known within their click I guess. Tech stocks are MUCH easier! Bye Bye drugs (just say no).

To: All Mtn Ski who wrote (596)	11/5/1999 11:05:00 AM
From: E.J. Neitz Jr	Read Replies (1) \| Respond to of 10345

Bob, Still holding also. More to drop than one delay. I have seen this activity before. This stock has been a favorite of short sellers and still seems to be, also lots of people are selling for the tax loss, and day trading. Today is not a surprise. Everyone saw before the market opened how strong the market was expected today because of the futures, so the reasoning is "I can get out when Elan opens higher". Well, there must have been alot of people wanted to get out at the open. Anyway, I plan to slowly accumulate on dips...this has been the only approach to buying "damaged stocks" that has worked for me in the past. I then will sell after the stock gets a lift in the new year. Anyway, this whole thing is unnerving. Time to take a walk.

To: All Mtn Ski who wrote (596)	11/5/1999 12:59:00 PM
From: Gary Korn	Respond to of 10345

Maybe this new Business Week article will help: 11/8/99 Bus. Wk. 111 (See Bold ... several places) 1999 WL 27296010 Business Week Copyright 1999 McGraw-Hill, Inc. Monday, November 8, 1999 Number 3654 Science & Technology: MEDICINE ALZHEIMER'S: 'WE NOW HAVE CLEAR TARGETS' Amgen's discovery of a key enzyme clears the way for further breakthroughs By Catherine Arnst, with Ellen Licking in New York and Amy Barrett in Philadelphia In late October, Amgen Inc. announced the breakthrough discovery of one of the key triggers of Alzheimer's disease: an enzyme that sparks formation of the plaque deposits that clog the brains of its victims. The finding was reported one day before the annual meeting of the Society for Neuroscience, where, in three days, attendees heard about more advances in Alzheimer's than they had seen in decades. Elan Pharmaceuticals and SmithKline Beecham announced results of their work on a plaque-forming enzyme. Other scientists elaborated on the discovery only a few months ago of a different potential plaque trigger. And dozens of research teams reported findings on new drugs, diagnostic markers, and disease mechanisms. "This is a very, very exciting time in Alzheimer's research," says Dr. Dennis J. Selkoe, director of the Center for Neurologic Diseases at Brigham & Women's Hospital in Boston. "We now have clear targets" for drugs that inhibit the disease. Finally. Although Alzheimer's disease was identified in 1906, there is still no effective long-term treatment for the degenerative brain disease. Even the latest discoveries offer no guarantee--the research was done on mice, not humans. And researchers are not sure if the plaque found in the brains of Alzheimer's victims is a cause of the disease or merely a consequence--in which case slowing its development would not bring a cure. LAST FRONTIER. But there's no question that optimism is rife in the field. And the need could not be more dire. Alzheimer's disease strikes 10% of people over 65, and 50% of people over 85. Right now there are 4 million stricken Americans--including former President Ronald Reagan--and the cost of caring for them is $80 billion to $100 billion a year. Over the course of about 10 years, patients gradually lose their memory and ability to function, sinking into dementia and, finally, death. It is hard to diagnose, and there is no treatment that attacks its underlying causes. For the drug industry, Alzheimer's disease is the last frontier. "There aren't many diseases that are completely untreated anymore," says Stephen M. Scala, a pharmaceutical analyst at S.G. Cowen Securities Corp. "There are probably 30 companies involved in some way in Alzheimer's." Scala estimates that the U.S. market for Alzheimer's drugs, totaling $550 million now, will reach $2.3 billion by 2003. Despite massive research in recent years, there is only one drug currently approved in the U.S. that is specifically aimed at Alzheimer's: Pfizer Inc.'s Aricept, introduced in 1997. But Aricept and similar drugs seeking marketing approval offer only modest relief from symptoms, delaying the inevitable deterioration of the brain by 6 to 12 months. No one yet knows why Alzheimer's strikes, but the brains of Alzheimer's victims, unlike patients with standard dementia, become riddled with what's called amyloid plaque--insoluble balls of protein that form in the regions responsible for memory, emotions, and thinking (see table). Later in the disease, tangles of protein develop inside brain cells. The plaque and tangles trigger inflammation and oxidation that steadily damage brain cells. Most researchers are focusing on identifying the mechanisms that spark plaque buildup outside cells, because the internal tangles are much harder to decipher. The plaque is created by a protein fragment called beta-amyloid, a by-product of cell formation. Beta-amyloid is constantly being produced and cleared from the brain, but in Alzheimer's victims disposal is inhibited. Scientists believe the problem could lie with two enzymes involved in production of the protein. They have named the hypothetical enzymes beta-secretase and gamma-secretase. SOLID DATA. On Oct. 22, Amgen caused waves of excitement in the Alzheimer's world when it announced, in the journal Science, that it had found beta-secretase. "It's immensely significant," says David B. Teplow, assistant professor of neurology at Harvard Medical School. "The evidence that this is beta-secretase is extremely solid." And in April, Selkoe's lab at Harvard announced the discovery of a likely gamma-secretase candidate. This enzyme is so closely linked to gamma-secretase function, says Selkoe, that even if it isn't gamma secretase, blocking it could still slow plaque formation. Many companies have been trying to stop plaque formation even without the specific targets in hand. Cowen's Scala says Bristol-Myers Squibb Co. and Eli Lilly & Co. will likely enter clinical trials next year with secretase inhibitors. Elan Pharmaceuticals is trying to block plaque formation by mobilizing the body's own immune system. Elan is seeking Food & Drug Administration approval for a vaccine made from beta-amyloid that significantly reduced plaque formation in genetically engineered mice. Others are investigating anti-inflammatory drugs, to reduce the inflammation that accompanies plaque formation. Population studies have long noted that aspirin and other nonsteroidal anti-inflammatory drugs appear to reduce the risk of Alzheimer's by 50%. Now, both Merck & Co. and Monsanto Co. are in clinical trials for Alzheimer's with their COX-2 arthritis treatments, which are in the same category as aspirin but have fewer gastrointestinal side effects. TRIALS IN PROGRESS. Clinicians are even more encouraged about the prospects for treatment with estrogen. Again, population studies show that women with low estrogen levels are at greater risk of developing Alzheimer's. That suggests that estrogen "may give the brain a better means to fight off the disease," says Dr. Claudia H. Kawas, clinical director of the Alzheimer's Research Center at Johns Hopkins University. She says more than 30 clinical trials are in progress to see if estrogen will delay onset of Alzheimer's disease. "If you could delay the average age of onset by just five years, the number of new cases would be cut in half," says Steven H. Ferris, director of the Silberstein Aging & Dementia Research Center at New York University. For a disease this horrific, even small advances loom large. Cause or Symptom? Researchers know that insoluble amyloid plaque builds up in the brains of Alzheimer's sufferers, slowly damaging and eventually killing brain cells. But they don't know if the plaque buildup is a cause or symptom of the disease HEALTHY BRAIN In a normal brain, a protein fragment called beta-amyloid is constantly being produced and cleared from the brain. It is essentially a waste product of a larger protein that plays a key role in cell-to-cell adhesion. MILD ALZHEIMER'S In Alzheimer's victims, the beta-amyloid becomes insoluble and can no longer be sloughed off. The protein aggregates, first as filaments and then as plaque, primarily in the areas of the brain that control memory, emotions, and cognitive thinking. SEVERE ALZHEIMER'S As the plaque proliferates, it sets off inflammation that can cause severe damage to cells. At the same time, tangles accumulate in the nerve cells, causing more damage. The patient suffers progressive dementia and, eventually, death. At Long Last...Hope Existing Alzheimer's drugs treat only symptoms, delaying deterioration by 6 to 12 months. But new drugs in development attack the underlying causes. DRUG COMPANY COMMENTS AN-1792 Elan Vaccine that prevents plaque buildup in mice. Pharmaceuticals First human trials expected in early 2000. GAMMA Eli Lilly/Scios Drug that blocks an enzyme that triggers SECRETASE partnership plaque buildup. Human trials expected in INHIBITOR early 2000. NEOTROFIN NeoTherapeutics A nerve growth factor that stimulates nerve regeneration in the brain. Human clinical trials are continuing. VIVIQ Aventis Blocks damaging chemical reactions in brain cells that impair cognitive function. Final trials to start in 2000. VIOXX Merck A COX-2 inhibitor approved for arthritis that also appears to reduce brain inflammation. In advanced trials for Alzheimer's. CELEBREX Searle/Pfizer Another COX-2 inhibitor, also in advanced trials for Alzheimer's. PREMARIN American Home Estrogen replacement drug believed to protect Products brain from plaque formation. Advanced trial for Alzheimer's. TEMPIUM Roche Holdings Limits brain-damaging free radicals. In ad- vanced trials. Roche is expected to file for approval by yearend. DATA: SG COWEN SECURITIES CORP. TABULAR OR GRAPHIC MATERIAL SET FORTH IN THIS DOCUMENT IS NOT DISPLAYABLE Photograph: FIRST PATIENT: Ronald Reagan, shown in 1998, was diagnosed as a victim DAVID ROHMER/LIAISON AGENCY ---- INDEX REFERENCES ---- COMPANY (TICKER): Amgen Inc. (AMGN) NEWS SUBJECT: World Equity Index (WEI) INDUSTRY: Biotechnology; Medical & Biological Technology (BTC MTC) Word Count: 1100 11/8/99 BUSWK 111 END OF DOCUMENT

To: All Mtn Ski who wrote (596)	11/5/1999 1:03:00 PM
From: Gary Korn	Respond to of 10345

Could ELN be down because of a boost in the ECB interest rate? See article: 11/4/99 Dow Jones Int'l News Serv. 12:58:00 Dow Jones International News Copyright (c) 1999, Dow Jones & Company, Inc. Thursday, November 4, 1999 Irish Shares End Down On ECB Rate Hike; ISEQ Overall -0.6% DUBLIN -(Dow Jones)- The European Central Bank's decision to raise interest rates drove Irish share prices down Thursday, costing the market some of its recent gains. At the close, the 79-share ISEQ Overall index closed down 29.12 points, or 0.6%, at 4615.02. The narrower ISEQ Financials index was at 6652.34, a loss of 86.41 points, or 1.3%. The market recovered from mid-afternoon lows that followed the 50 basis point hike in all the ECB's key rates. At about 1400 GMT, the Overall index was down 40.74 points to 4603.40, and the Financials index was down 126.47 points to 6612.28. Although other international markets rallied on the widely forecast news, dealers said Irish financial blue chips bore the brunt of the interest-rate hike, dipping sharply from Wednesday. Allied Irish Banks was down 11 cents to EUR12.10; Bank of Ireland was down 21 cents to EUR8.11; and Irish Life & Permanent was unchanged at EUR10.20. One Dublin-based trader called the ECB's move "aggressive," but said in the long run it could be positive for financial equities. "The more (the ECB) did today, the less they have to do next year," he said. Analysts also indicated the increase could eventually bolster financial shares by strengthening the European bond market. Among other blue chips, telecommunications company Eircom was unchanged at EUR4.02, and building materials maker CRH was down 2 cents to EUR18.18. Elan, which disappointed investors last week with news of a delay in the launch of a migraine drug, continued its slide, falling 20 cents to EUR24.70. -By Stacy Forster; 353-1-676-2189; sforster@ap.org ---- INDEX REFERENCES ---- NEWS SUBJECT: Dow Jones International News Service; Dow Jones News Wires; European Corporate Report; International News Wire; World Equities Report; European Central Bank; International Credit Market News; Closing Market Commentary; Market News; Main Stock Market Commentary; Stock Market Commentary; Stock Market News (DJI DJWI ECR EWR WER ECB ICM MKC MKT MSM SMC STK) MARKET SECTOR: Newswire End Code; Clip Routing Code (NND TPX) PRODUCT: European News/Features (DEE) REGION: Ireland; Europe; Western Europe (EI EU WEU) Word Count: 259 11/4/99 DJINS 12:58:00 END OF DOCUMENT

To: All Mtn Ski who wrote (596)	11/5/1999 1:08:00 PM
From: Gary Korn	Read Replies (1) \| Respond to of 10345

11/4/99 PR Newswire 07:14:00 PR Newswire Copyright (c) 1999, PR Newswire Thursday, November 4, 1999 Targeted Genetics Reports Third Quarter 1999 Financial Results SEATTLE, Nov. 4 /PRNewswire/ -- Targeted Genetics Corporation (Nasdaq: TGEN) today reported financial results for the third quarter of 1999. The results, which include a $12 million non-cash loss associated with the establishment of Emerald Gene Systems, Ltd., a joint venture formed with Elan Corporation plc, were in line with company expectations. Emerald Gene Systems presents opportunities to apply Targeted Genetics' gene delivery systems technologies to new products and strengthens Targeted Genetics' near-term cash position. For the quarter ended September 30, 1999, Targeted Genetics reported a net loss applicable to common stock of $15.4 million, or $0.46 per share, compared with a net loss of $3.4 million, or $0.12 per share, for the third quarter of 1998. For the first nine months of 1999, the company reported a net loss applicable to common stock of $23.9 million, or $0.76 per share, compared to a net loss of $10.3 million, or $0.40 per share, in the same period of 1998. The company's results for both the third quarter and the first nine months of 1999 included $12.0 million for the loss of its' 80.1% owned subsidiary, Emerald Gene Systems. The joint venture was established in July 1999 with the goal of leveraging Elan's expertise in drug delivery and Targeted Genetics' innovative gene delivery technologies to develop new products. "The establishment of Emerald Gene Systems, our joint venture with Elan, continued the momentum in our corporate partnering efforts," said H. Stewart Parker, president and chief executive officer of Targeted Genetics. "Building on our partnership with Medeva and our licensing agreement with Alkermes, we continue to make progress in establishing strategic alliances that support and enhance our existing core competencies while strengthening our financial and intellectual property positions. Elan had a number of companies from which to select a partner for their gene therapy initiatives and we are proud that Targeted Genetics was chosen as their exclusive partner in this area. We believe that the combination of Elan's expertise in drug delivery technologies and our vector development capabilities will produce the next generation of gene delivery systems." Results for the first nine months of 1999 also included a $3.2 million non- cash charge related to the issuance of stock and warrants to Alkermes, Inc. in exchange for an exclusive sub-license to an important patent for the manufacture of Adeno-Associated Viral (AAV) vectors. The broad patent and related pending patent applications cover the use of cell lines for the manufacture of AAV vectors, which are the key to making AAV-based products in a commercially viable, cost-effective manner. During the past several years, Targeted Genetics has developed a large-scale production method for AAV vectors that is both efficient and cost effective. Revenue results for the third quarter and first nine months of 1999 were $1.4 million and $4.0 million, respectively, derived from the company's collaboration with Medeva PLC to develop its cystic fibrosis gene therapy product candidate. The company began the Medeva collaboration in the fourth quarter of 1998. Revenue reported for the third quarter and the first nine months of 1998 was $116,000 and $438,000, respectively. Prior year revenue consisted primarily of earnings from supply arrangements in the third quarter and earnings from grants in the nine nine-month period. "Patient accrual in our Phase I program in cystic fibrosis and Phase II trial in head and neck cancer is progressing on schedule," said Barrie J. Carter, Ph.D., executive vice president and director of research and development. "We anticipate initiating a Phase I study of tgDCC-E1A, our cancer product, in combination with chemotherapy, in patients with ovarian cancer by the end of the year. Financially we are positioned to continue our promising research and clinical development programs into 2001 and will continue to seek strategic relationships and opportunities from which we will derive additional revenue." Operating expenses for the third quarter of 1999 were $4.6 million compared to $3.6 million in the third quarter of 1998. Operating expenses in the first nine months of 1999 were $15.9 million compared to $10.8 million for the first nine months of 1998. Increased operating expenses for the third quarter and first nine months of 1999 reflected increased activity related to the Medeva cystic fibrosis collaboration and costs associated with formation of the Emerald Gene Systems joint venture with Elan. Expenses for the nine first nine months of period in 1999 increased as a result of the second quarter 1999 non- cash charge of $3.2 million taken by the company during the second quarter of 1999 for the exclusive AAV technology sub-license. Losses from operations for the third quarter and first nine months of 1999 (excluding the second quarter non-cash sub-license charge) were down compared to the same periods in 1998. In conjunction with the formation of Emerald, Elan made a $12 million investment in Targeted Genetics convertible exchangeable preferred stock and a $5 million investment in Targeted Genetics common stock at a significant premium to market price. Targeted Genetics used the preferred stock proceeds to fund its initial investment in Emerald. Elan has committed to invest $5 million in Targeted Genetics common stock at a premium to market in July 2000 and to provide up to $12 million to the company in the form of convertible debt to assist with funding Emerald's research and development expenses. The company also issued convertible exchangeable preferred stock in conjunction with the Emerald collaboration. Accordingly, the company began reporting net loss applicable to common stock in the third quarter of 1999. Targeted Genetics' loss applicable to common stock refers to the company's net loss less dividends on the preferred stock. In the 1998 comparative periods, when Targeted Genetics did not have any preferred stock outstanding, the comparable measure is the company's net loss. Cash and short term investments totaled $8.6 million at September 30, 1999 compared to $12.0 million at the end of 1998. The company estimates that, based on current revenue sources and planned rates of spending, existing cash and short term investments, together with the funding expected to be provided by collaborative partners, will be sufficient to meet operating and capital requirements through 2000 and into the second quarter of 2001. Targeted Genetics Corporation develops gene and cell therapy products for the treatment of certain acquired and inherited diseases. The company has three lead product development programs targeting cystic fibrosis, cancer, and infectious diseases, as well as an extensive gene delivery and cellular therapy technology platform. NOTE: This release contains forward-looking statements relating to the Company's products under development, technologies, joint venture arrangements and future operating results that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believes", "expects", "intends", "anticipates", variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward- looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the need for additional capital, the early stage of product development, uncertainties related to clinical trials, uncertainties inherent in scientific collaborations, and uncertainties related to patent position. Reference is made to the Company's latest Annual Report on Form 10-K filed with the SEC for a more detailed description of such factors. Readers are cautioned not to place an undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. TARGETED GENETICS CORPORATION Selected Financial Information STATEMENTS OF OPERATIONS Three months ended Nine months ended (unaudited, in thousands September 30, September 30, except per share data) 1999 1998 1999 1998 Revenue: Collaborative agreements $1,365 $112 $3,988 $120 Other 0 14 0 318 Total revenue 1,365 126 3,988 438 Expense: Research and development 3,636 2,899 10,297 8,734 Technology license fee 0 0 3,200 0 General and administrative 968 651 2,408 2,092 Total expense 4,604 3,550 15,905 10,826 Loss from operations (3,239) (3,424) (11,917) (10,388) Equity in loss of joint venture (12,015) -- 12,015) -- Investment income 124 136 345 313 Interest (58) (65) (164 (209) Net Loss (15,188) (3,353) (23,751) (10,284) Accretion of dividend on preferred stock (164) -- (164) -- Net loss applicable to common stock $(15,352) $(3,353) $(23,915) $(10,284) Net loss per share $(0.46) $(0.12) $(0.76) $(0.40) Shares used in computation of net loss per share 33,191 28,975 31,560 25,529 CONDENSED BALANCE SHEETS September 30, December 31, (in thousands) 1999 1998 (unaudited) Cash, cash equivalents and securities held for sale $8,553 $11,957 Other current assets 1,468 490 Property, plant and equipment, net 3,717 3,299 Other assets 442 458 Total assets $14,180 $16,204 Current liabilities $3,211 $3,322 Long-term obligations 1,133 900 Shareholders' equity (33,999 common shares outstanding at September 30, 1999) 9,836 11,982 Total liabilities and shareholders' equity $14,180 $16,204 /CONTACT: David Schubert, Senior Director, Communications and Strategic Relations of Targeted Genetics Corporation, 206-521-7809; or Investors, Stephanie Seiler, Ph.D., 212-696-4455, ext. 212, or Media, Amy Flood, 415-677- 4455, ext. 211, both of Noonan-Russo Communications, for Targeted Genetics Corporation/ 06:59 EST ---- INDEX REFERENCES ----