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

To: smh who wrote (2500)	1/10/2001 2:46:11 AM
From: Londo	Respond to of 52153

FYI, INCY's subsidary, Diadexus finally priced their IPO today at 12-14 bucks a share. Assuming $13/share after the offering, that implies a market cap of $404.3 million. INCY will own 14.1% of the holding, or roughly 57 million bucks of DDXS. This is roughly 4% of INCY's present market cap of 1.5 billion. To be honest, this is quite a bit more than I thought they would get out of it. My mind was thinking $200 million cap at most.. biz.yahoo.com

To: smh who wrote (2500)	1/11/2001 12:46:00 PM
From: nigel bates	Respond to of 52153

Revised "Cross" portfolio AXPH gave the stake in DPII as 30% in their H& Q presentation. Also mentioned 23% holding in Akkadix (spelling?) and 5% in DNA Sciences. (FWIW) nig

To: smh who wrote (2500)	1/18/2001 12:51:40 PM
From: nigel bates	Read Replies (1) \| Respond to of 52153

Revised "Cross" portfolio Pretty decent performance over 18 days (g). MCDE gave the Iconix holding as 29% in the H& Q presentation, FWIW. Another candidate below ? Jan 18 (Reuters) - Biotechnology firm ML Laboratories Plc (MLB.L) said on Thursday it delayed the flotation of its respiratory drugs unit Innovata Biomed while it undertakes a strategic review... The company expressed concern about its share price and said it had brought in NM Rothschild for the review. As a result, the planned Nasdaq flotation of Innovata, which makes inhalers for asthma and other drugs, was put on hold. Analyst estimates last January valued Innovata in a range between $100-$500 million, but the upper end of the range appears far too high when compared with the current 165 million pound ($243 million) market valuation for all of ML Labs.

To: smh who wrote (2500)	1/31/2001 8:39:37 PM
From: smh	Read Replies (1) \| Respond to of 52153

Biotech cross-ownership portfolio up 19.8% in January. siliconinvestor.com Will update table on the weekend Regards SMH

To: smh who wrote (2500)	2/4/2001 1:47:58 AM
From: smh	Read Replies (2) \| Respond to of 52153

Since the Cross portfolio reference point is the end of 2000, my intent is to get the right ownership numbers in the table as of that point. Once done, I'll add another table reflecting the most current status. In the mean time a couple of changes. 1) It has been pointed out to me that CNCT sold most of its stake in ITMN in the fourth quarter such that it probably doesn't belong. So its out. 2) When RZYM was added I didn't notice the one day price spike on 12/29/00. In looking at the chart, the 12/29 closing looks like a true outlier to me. While I hesitate to do so, I'm substituting the average of the 12/28 and 1/2 closing prices for the 12/29 value as the RZYM purchase price. 3) I meant to note the additional AXPH stakes in Akkadix and DNA Sciences, so adding it now. Primary / Sub MC/MC % owned $ owned NBSC / DGI 28 / xx 82% xxx BTRN / SCS 102 / xx 30% xxx CEGE / ABGX 778 / 4828 10.5% 507 STEM / Modex 52 / 180 9.0% 16.4 MCDE / Iconix 47 / xxx 32% xxx RZYM / Atugen AG 220 / xxx 32% xxx TXB / Revotar Bio. AG 352 / xxx 55% xxx KDUS / Axiom 9.5 / 15 (est.) 20% 3.0 TRPS / ARNA 77 / 352 9.4% 33 AVM / CYTO 17.8/ 178 1.58% 2.8 AXPH / DPII 209 / 289 31% 90 / Akkadix / xxx 23% xxx / DNA Sciences / xxx 5% xxx Revised "Cross" portfolio (base 12/29/00) siliconinvestor.com