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

To: Arthur Radley who wrote (29)	5/24/2003 3:15:41 PM
From: Arthur Radley	Respond to of 240

Received the notice for the annual meeting today, it isn't the full year report but it does contain a few morsels of information that I will share: 1)Medusa--During year 2002, FLML worked and improved significantly the formulation of Basulin, reducing by half the quantity of polymer used. The Interferon -XL has also made great progress and a clinical trial is planned for 2003. TWO feasibility studies with undisclosed partners are under progress. (This is great newS...IMO) 2) Photochromic activity has been slowed down, upon Corning's request. (GLW is having major problems in other areas, and this is small potatoes in the big picture). FORESEEABLE DEVELOPMENT OF THE COMPANY AND FUTURE PROSPECTS: Board believes that 2003 may include the following: 1)continuation and development of the collaboration with Servier and Glaxo. 2)ongoing of the application of Micropump and Medusa technology to other products especially with feasibility studies contracted with pharmas and also self funded projects. 3) establishment of new R&D partnerships to facilitate the commercialization of various projects. THE PROJECTED REVENUES AND THE PRESENT CASH POSITION WILL PERMIT THE COMPANY TO FUND ITS ACTIVITY AND DEVELOPMENT IN 2003.

To: Arthur Radley who wrote (29)	5/26/2003 12:43:23 AM
From: Brander	Read Replies (1) \| Respond to of 240

Thanks TD, I didn't realize that it had been two years since I posted. I guess I have been working too hard! I've continued to follow some of the subjects on SI, and the quality in general of SI has been declining over the last couple of years, but it seems to be making a welcomed comeback. What FLML is trying to do has great potential. As already mentioned, many of the drug companies are seeing their blockbusters near the end of their patent lives. They will do whatever they can, in good business reason, to extend their patents. Changing the way the drug is delivered to the body is one of the major ways they are doing it. There are many big names drugs that have had an extended release formulation introduced relatively recently. Something else that is becoming popular and cheap, I think, is the introduction of oral dissolving formulations. Both of these changes are 'patent busters'. It sounds like the FLML technology will convert the drugs it is used on to extended release formulations. If they can offer this in a cost effective manner, the potential is great. They already have several major drug companies interested. I think their Medusa technology is applied to native protein drugs. The market here is large because many of the big protein drugs are near the end of their patent lives. One interesting advantage for FLML, is that they are biotech company with a relatively inexpensive and short development time. The average time it takes a drug development company to complete the process, including FDA approval, is 12 years. It is estimated that the average time it will take FLML to obtain FDA approval for its new formulation is 2-3 years. There is also less potential risk in that almost all the drugs FLML will apply their technology to already has FDA approval. One thing to keep in mind is that the market for drug reformulations is very competitive.