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Biotech / Medical : Cadus Pharmaceutical Corp. (KDUS) -- Ignore unavailable to you. Want to Upgrade?

To: Dave K who wrote (62)	2/8/2000 1:14:00 AM
From: scaram(o)uche	Respond to of 1833

>> Rick, I don't care how we get there just as long as it's a triple scoop with raisins. << Yup. Agree. However, pipelines are now recognized for what they are..... potential sources of future big bucks. Sibia went to Merck for $80 million just a few months ago (ouch!), while IPOs for low margin businesses are now debuting at valuations of $1-2B. The KDUS research premium -- in this case, best expressed as "pipeline premium" (cap > cash) -- is $9.8M at today's close. Given that it covers multiple molecules moving forward toward milestones and potential royalties for multiple projects and (if you count Solvay separately) for three partners, that's absurd. One doesn't need Axiom or the Living Chip or the escrow cash or the functional genomics or ????? to justify a much higher valuation, IMO. Given that he also has the IMUL residuals, I don't understand why Icahn isn't trying to make a basket of these suckers. Throw them into one pot and you'd have cash and leverage from the potential royalty flow. Merge the pot with a private company that has one hot project (Medinox, as a random example) but little diversification. Presto, a company that is relatively risk free but that has potential for real mini-pharma-like punch. There's so much that could be done with reverse mergers at this point. The sector is rolling in liquidity, bring some of those private companies public without an IPO...... "adenosine receptors are hot". Picture this..... combine the residuals of IMUL and KDUS, and merge them with Medinox (again, just a random pick, has no specific meaning.... any private company with a hot project in clinicals, but with little diversification). Then imagine telling a bunch of investors in today's hot market that it has a capitalization of $20 million more than cash-in-hand. Do you think they'll line up to invest? Maybe we need to point the CVTX faithful to the OSIP 10-K? Maybe that would get some ooooohing and aaaaahing going? Thanks for the links. Hadn't seen the Axiom slide show.

To: Dave K who wrote (62)	2/8/2000 11:53:00 AM
From: scaram(o)uche	Read Replies (2) \| Respond to of 1833

one point that some may have forgotten.... Solvay doesn't infringe Sibia claims, and there's this for SmithKline (from the SIBI DEFM14C)...... During the first six months of 1999, the Company entered into licensing agreements with Bristol-Myers Squibb, SmithKline Beecham, and American Home Products. The agreements grant the licensees non-exclusive rights to use the Company's patented transcription-based assay technology. The Company expects to receive annual maintenance payments as well as royalties on the sales of any products identified using the licensed technology.