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

To: Biomaven who wrote (6480)	6/5/2002 9:18:23 AM
From: Ian@SI	Respond to of 52153

Hi Peter, RE MLNM. Trading up about $1.30 to $1.40 this morning so far. Institutions never fail to surprise me. They take the stock up 10%+ simply because an FDA review period will be shortened from 10 months to 6 months, but they'll have to wait a few years to see that benefit... Perhaps it's the more abstract concept of treatment importance as seen by the FDA??? RE: IMCL. WSJ has another story today which probably won't bring investors flooding back into the sector... Abstract: ImClone Ex-CEO to Be Subpoenaed ImClone's former chief executive was subpoenaed by a congressional subcommittee as part of its Erbitux investigation. The subcommittee might also subpoena FDA officials to help determine if investors were misled about the drug. Story concludes with the paragraph: Among other things, the congressional subcommittee intends to explore whether the FDA's secrecy laws make it possible for companies to mislead the public and investors with overly optimistic pronouncements about their drugs' prospects. It also plans to determine whether members of the Waksal family improperly sold stock with advance knowledge of the pending FDA action.