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

To: Sam Citron who wrote (5158)	12/17/2001 9:24:25 AM
From: Biomaven	Respond to of 52153

Sam, We had a bubble in early 2000, where many genomics-oriented biotechs reached untenable valuations. It was also a time when any favorable looking PR would immediately send a biotech through the roof. Our bubble was much less bubbly than the dot.coms, but it was still a period driven by frenzy rather than by valuation. PCYC has one interesting project left - what I call their "roto-rooter" project. This is for reaming out peripheral and central arteries using a combination of drugs and laser. Unfortunately they also have some "living dead" projects which I referred to on this thread a few weeks back. Xcytrin will probably join this sad group. The investment question is how much they will spend on the living dead stuff rather than conserving cash and working on their one decent project. I have no great faith in management, and so my instinct would be to steer clear for now. Peter