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Biotech / Medical : Biotransplant(BTRN) -- Ignore unavailable to you. Want to Upgrade?

To: aknahow who wrote (1114)	11/13/2001 5:09:54 PM
From: Arthur Radley	Respond to of 1475

This is the final portion of Soldier's post from last night...Part 3 by: soldier30 11/13/01 11:24 am Msg: 1303 of 1303 the board wnet down last night and wouldn't let me post the rest of this: INVESTMENT CONCLUSION BTRN discovers and develops pharmaceuticals based on proprietary technologies used to reeducate the body's immune system to accept donor cells, tissues and organs. The company applies its research expertise to develop novel approaches for the prevention of organ rejection after transplantation. BTRN's innovative and integrated approach creates a therapy with the potential to reduce or eliminate the need for lifelong immunosuppressive regimens after transplantation. The company has formed several alliances with pharmaceutical partners to help finance its research and clinical trial costs and to maintain a low cash burn rate. Because of the unfavorable side-effect profile of currently available immunosuppressives and the pill burden involved in many regimens, there is an overwhelming need for a new approach in organ transplant rejection therapy, which BTRN is well positioned to deliver, in our opinion. Although its lead drug candidate is in early-stage clinical development, we believe BTRN offers investors the opportunity to profit from the high growth potential of a drug discovery pioneer with an expansive platform. We are maintaining our BUY rating and 12-month price target of $19, which is based on a discounted earnings multiple. CALENDAR OF UPCOMING EVENTS Date Expected event 4Q01 MEDI-507: Initiation of Phase III studies 4Q01 AlloMune: Phase I/II data at ASH 1Q02 MEDI-507: Phase II data presentations 2002 AlloMune: Initiation of Phase II/III studies in refractory lymphoma 2002 T-Cell HDM: Initiation of U.S. Phase III Please see our full report on BioTransplant, Updating Coverage, May 24, 2001, for further details Although the information contained herein has been obtained from sources that Lazard FrŠres believes to be reliable