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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: nigel bates who wrote (2148)	11/28/2000 12:07:00 AM
From: Miljenko Zuanic	Read Replies (2) \| Respond to of 4974

Nigel, << Being complacent about your pipeline is a much more viable option when you have 5 years of burn in the bank...>> It is my view that cash will be burned (at many bios) faster than we today think, Select random few bios, check their R&D and S&G (in case that they brought drug on market) expense for last 2-3Q and you will found accelerated burn rate. This will increase further in coming Q. Add pressure on healthy margin profit from drug sale and we may see problems in investment return from this cash infusion. I still stay at stance that consolidation is very important and will help reduce (when merge is sound one) risk. Cheers, Miljenko