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Biotech / Medical : Neurocrine Biosciences (NBIX) -- Ignore unavailable to you. Want to Upgrade?

To: NeuroInvestment who wrote (575)	4/6/2000 10:25:00 PM
From: Miljenko Zuanic	Read Replies (1) \| Respond to of 1834

Thanks Harry. From yahoo: <<From www.neuroinvestment.com (5/4/00): "There is an odd silver lining to this though, one we suspect the Market will ignore completely. The next Janssen/NBIX partnered molecule might start human trials (we expect) during 2H:00. NBIX made the point in its press release that its own unpartnered CRF antagonist , which has a different molecular structure and they have consistently told us shows signs of being superior, into Phase I trials during 2H:00 as well. Thus rather than the NBIX molecule being 12-18 months behind the partnered molecule, they will be neck and neck. And after all, they own all of this molecule, whereas the Janssen deal gives them US royalties in the 10-13% range, and 8-10% from European sales. So--if NBIX is right, and the inhouse CRF antagonist is better, this creates an interesting problem for Janssen, which will have no time advantage in its development of a backup molecule whose hepatic risks must now be carefully explored, since it is from the same molecular family as R121919." >> First, my reading of the news (and from logical combination) is that Janssen back-up compound isn't from some class as R121919 and covered in DuPont patent. Consequently, Janssen/NBIX back-up program is lagging behind proprietary NBIX in-house program. Second, we do not know what are renewed condition (especially royalty) for back-up program. There is possibility that this are proprietary NBIX compounds (and maybe from some class as NBIX candidate). So Janssen may still partner NBIX candidate (if candidate do reach wanted drug characteristics) and continue with ongoing back-up program. Third, there is open question on CRF-R2 agonist program(urocortin like ligand). Definitely I didn't like how news come out and NBIX silence on R121919 problem with liver toxicity. This didn't come overnight. It is a very big MINUS for NBIX management. Going forward I will be double if not triple cautious on any of their success. Miljenko