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

To: IRWIN JAMES FRANKEL who wrote (3160)	3/21/2001 9:49:46 AM
From: nigel bates	Respond to of 52153

MAXY about 70%. nig

To: IRWIN JAMES FRANKEL who wrote (3160)	3/21/2001 9:55:20 AM
From: Biomaven	Read Replies (1) \| Respond to of 52153

Thanks, IJ - a very useful table. I'm surprised to see that CRA is trading near cash - I've never held them, so haven't followed them that closely. I must say that for the first time in a year-and-a-half I see compelling biotech valuations based on fundamentals. We still might have some rough times ahead in the short-term (in particular there is still likely to be some selling for tax payments next month from those who had big gains last year - note that mutual fund capital gain distributions in 2000 were a record). Recently, I've been adding to my holdings in ITMN and CVTX and even added a little MLNM. Here are my dozen largest current holdings by size: SEPR :( IGEN MLNM BGEN CVTX SCIO ITMN OSIP HGSI NBIX VRTX KOSP Peter

To: IRWIN JAMES FRANKEL who wrote (3160)	3/24/2001 10:19:05 AM
From: IRWIN JAMES FRANKEL	Read Replies (1) \| Respond to of 52153

Screening the table The table gave us a fair handle on the cash per share net of long term debt and the percentage it bears to the market price. I wanted to take a look at the cash burn rate as well. I used the Signals February table, here is the link: signalsmag.com So I screened those companies in the table we created for companies which had over 40% NetC%P and where the Survival index in Signals data was over 4.0 or N/A (no burn rate). Here is what is left: xxxx --- NetC%P --- Survival Index CEGE -- 164% ----- 824 CRA --- 97% ----- 6.1 INCY -- 46% ----- 21.2 ITMN -- 50% ----- 9.1 LEXG -- 50% ----- 33.5 Caution: I did this very quickly so it is likely I missed some things. Feel free to correct me where I erred. ij

To: IRWIN JAMES FRANKEL who wrote (3160)	9/8/2001 4:50:11 PM
From: IRWIN JAMES FRANKEL	Read Replies (1) \| Respond to of 52153

A look-back at the table we worked on in March (3/21) is interesting when compared to Fridays close (9/7). Some times we lose perspective as we see the day to day movements. There were some real winners and losers. SYM - 3/21 - 9/7 CHG% BBH - 107 120 +12% IBB - 69 84 +22% ABGX - 17 27 +59% ALKS - 23 24 ALXN - 20 18 ARDM - 6 4 -33% ARNA - 19 12 -37% ARQL - 11 12 AVIR - 30 25 CORR - 22 26 CVTX - 23 48 +109% HGSI - 40 41 IMNX - 18 18 INCY - 12 16 +33% ITMN - 15 36 +140% KOSN - 8 8 LEXG - 7 7 MEDX - 14 17 MLNM - 23 22 NBIX - 16 38 +138% NRGN - 20 18 SCIO - 20 17 SEPR - 28 39 +39% TELK - 4 8 +100% TTP - 19 9 -53% VGNX - 4 3 VPHM - 23 30 +30% VRTX - 30 33 - ONLY LISTED FOR SIGNIFICANT MOVES