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

To: Czechsinthemail who wrote (6132)	4/10/2002 3:22:18 PM
From: johnsto1	Respond to of 52153

washtech.com

To: Czechsinthemail who wrote (6132)	4/10/2002 3:49:40 PM
From: Biomaven	Read Replies (2) \| Respond to of 52153

Baird, I still own some HGSI although I reduced my position a while back. HGSI has some very nice IP and I particularly like their albumin fusion technology. However the quality of their late-stage pipeline is questionable - repifermin and Mirostipen are still question marks for me. If either of these disappoint, there will be an opportunity to buy the stock cheaper. SEPR's near-term pipeline is clearly stronger and less risky than HGSI's. However, they are somewhat cash-constrained now because of their converts, and this raises the risk level some. Bottom-line though I'd have to give the nod to SEPR on a risk-reward basis. SEPR stock is now cheap on a fundamental valuation basis - HGSI stock is much harder to value, and so it's hard to say if it's cheap or expensive. I do believe HGSI will do well on a longer-term (say 5+ years) basis, though. Peter