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Biotech / Medical : T/FIF, a New Plateau -- Ignore unavailable to you. Want to Upgrade?

To: nigel bates who wrote (416)	4/11/2001 11:41:53 AM
From: scaram(o)uche	Read Replies (1) \| Respond to of 2243

Tough to answer. Personal admiration for two members of the management team who are now history or near history, but who have nonetheless guided a company that is known for not having been forthcoming. Certain issues with formulation and nephrotoxicity have either been candy coated and/or semi-withheld from shareholders. I feel that Rurka honestly believed that one of several irons in fire would have productively matured in a timely fashion, and that his attempt to gild all "balls in air" is a disease of old-time biotech managers. Milestone after milestone has fallen aside. Money is a HUGE issue. Yes, I believe that these facts are over-discounted, but...... geeeeeeze, how many times have I been wrong on that "belief front"? George Miller is laid back, but sharp as a tack. He probably doesn't create a great impression with "Street" types, but he has a sensational grasp on the entire spectrum of activities and competitive projects. Huffman seems good to me. Rurka recently pointed to $55 million valuation, recent post-money for Iconix. OTOH, many private companies are over-valued by current metrics (this is an important factor to keep in mind, going forward, with respect to both valuation in the public sector and potential effect on M&A). The role of RW Johnson? I'd like the views of others on the subject. Seems that they are neither willing to move aggressively forward on the "son of i.v." project nor return it to MCDE. Bottom line.... lots of "over-promise" under the bridge, and it killed the stock. If someone buys it at a decent premium and retains Miller? IMO, they'd get a huge bargain. Got $80 million to spare?? <vpg>