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Biotech / Medical : Immunex -- Ignore unavailable to you. Want to Upgrade?

To: manfredhasler who wrote (445)	8/25/2000 11:01:40 AM
From: soraramoa	Read Replies (1) \| Respond to of 656

COR Therapeutics Inc. (CORP), Inhale Therapeutic Systems (INHL), Amgen Inc. (AMGN), and Immunex Corp. (IMNX) thanks to slaytool from Yahoo! messages.yahoo.com 24 Aug 16:55 By Yuka Hayashi Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--If you are looking to get into Franklin Biotechnology Discovery Fund run by star fund manager Kurt von Emster, you'd better hurry up so you won't miss your second chance. After reopening the $1.4 billion fund in August, von Emster will be closing it again to new investors "within nine days." This is to ensure he and his team will have manageable assets for the busy season for the biotechnology industry that runs from September to February, von Emster said at a press luncheon in New York. The fund had first closed its doors to new investors in February when its asset base reached $500 million. According to Morningstar Inc. Franklin Biotechnology Discovery has returned 63.9% year to date, putting it within the top 20% of its category. The fund earned 98% last year, beating 98% of its peers. Von Emster acknowledges that this has been a great year for the biotechnology industry and himself as many important projects that were first planted in the early 1990s came into fruition. "I've been doing this for 11 years, and this is finally a year when everything has really come together," the fund manager said. He likened the state of the biotechnology industry today to the computer and Internet industry 10 years ago. He expects the number of profitable companies in the industry to rise to 19 this year from 13 in 1999, then climb to 33 in 2001 and over 55 in 2002. Earnings are driven by a "sheer number of new products," he said. Von Emster's team focuses its investment on companies with products on market or in the final stages of development. It owns 11 of the 13 companies that had profit last year, and they make up a bulk of its assets. Companies in therapeutics account for nearly a half of the fund's assets as of May 31, while those in discovery biotechnology represent nearly a quarter, according to data provided by the company. In the area of human genomics, von Emster limits his picks to "peripheral" companies, such as Gene Logic (GLGC), as he sees "no true good business in genomics" itself. The fund's top holdings include COR Therapeutics Inc. (CORP), Inhale Therapeutic Systems (INHL), Amgen Inc. (AMGN), and Immunex Corp. (IMNX), according to Morningstar. Inhale Therapeutic should benefit from a steep rise in the incidence of diabetes, as reported by the New York Times Thursday, helped by the development of insulin that can be taken orally. The fund manager said the area called functional genomics, represented by such companies as Vertex Pharmaceutical (VRTX) and Exelixis Inc. (EXEL), will be important over the next few years. The research of protein, meanwhile, is a "major, major task over the next decade," presenting opportunities for companies such as Waters Corp. (WAT) and Oxford BioMedica. -By Yuka Hayashi, Dow Jones Newswires; 201-938-2129; yuka.hayashi@dowjones.com (END) DOW JONES NEWS 08-24-00 04:55 PM