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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (4249)	3/25/2003 5:51:14 PM
From: scaram(o)uche	Read Replies (2) \| Respond to of 10345

cool! thanks for finding that. (eom)

To: Icebrg who wrote (4249)	3/25/2003 8:45:52 PM
From: fred hayes	Respond to of 10345

Thanks Erik. I guess I should have been searching the web instead of my hard files. Nice digging. fred

To: Icebrg who wrote (4249)	3/25/2003 11:17:26 PM
From: fred hayes	Read Replies (1) \| Respond to of 10345

Erik, the P2 Remicade combo study is indeed interesting. Not sure what, if anything, to read into it. Guess I will just take it at face value instead of being more pessimistic about the solo trials. FWIW, my notes (which are usually based on a decent source) indicate "prelim Crohn's data from Elan available as early as mid Mar". The note may have been made long ago when the trial dates were guesses. The word "prelim" makes me a little nervous, but I guess I won't worry about immediate results. I'm not confident about the Crohn's indication, and have too much of my portfolio in Elan. I'm thinking of selling part of the position so I can load up if bad Crohn's results, which I think would crush the stock into the super bargain bin. But I expect the King deal to be reaffirmed or another deal announced, and I don't want to miss the pop. By doing nothing, I'm making the bet that a business deal announcement will beat "prelim" Crohn's results. fred

To: Icebrg who wrote (4249)	3/26/2003 8:45:36 AM
From: Icebrg	Respond to of 10345

DOV Pharmaceutical, Inc. and Elan Corporation Amend Terms Of Debt Instrument to Preserve DOV Majority Control of Joint Venture Wednesday March 26, 8:05 am ET HACKENSACK, N.J., March 26 /PRNewswire-FirstCall/ -- DOV Pharmaceutical, Inc. (Nasdaq: DOVP - News) announced today that it has reached agreement with subsidiaries of Elan Corporation, plc to eliminate the exchange right feature of DOV's convertible exchangeable note held by Elan. The exchange right had previously given Elan the option of converting the principal balance of the note into an increased ownership interest in the joint venture from Elan's original equity interest of 19.9% to 50.0%, thereby decreasing DOV's equity interest to 50% from 80.1%. All other significant terms of the note will remain the same. In partial consideration for this amendment, Elan will be issued warrants to purchase 75,000 shares of DOV common stock at an exercise price of $10 per share and an expiration date of January 21, 2006. The joint venture, DOV Bermuda, was formed in 1999 to develop a controlled release formulation of bicifadine, currently in a Phase III pivotal clinical trial, and a controlled release formulation of ocinaplon, which is scheduled to begin a Phase III pivotal clinical trial this summer. Both products utilize Elan's proprietary drug delivery technology. On July 31, 2002, Elan announced a recovery plan that includes the divestiture of businesses, assets and products that are no longer core to Elan. Elan has indicated that it will no longer fund its pro-rata share to the DOV joint venture effective January 1, 2003. DOV and Elan have agreed to continue discussions relating to the proposed reorganization of the joint venture going forward. The development of controlled release formulations of bicifadine and ocinaplon will continue on its present schedule. Dr. Arnold Lippa, Chairman and CEO of the Company said, "We are committed to the development of bicifadine and ocinaplon. We maintain a productive and positive relationship with our partner Elan. We understand the need for Elan to reorganize its product portfolio and intend to work closely with Elan to ensure that the product development of bicifadine and ocinaplon meets the present schedule."