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Biotech / Medical : Pharmos (PARS) -- Ignore unavailable to you. Want to Upgrade?

To: JMarcus who wrote (1223)	10/16/2003 8:16:41 PM
From: rjk01	Respond to of 1386

From early this month (might answer your Q) Wed: Pharmos has only just begun It's very hard to estimate Pharmos's current value, but compared with anything else, its' worth a lot more. Shlomo Greenberg 1 Oct 03 16:27 Yesterday was a great day for Pharmos (Nasdaq: PARS) chairman and CEO Dr. Haim Aviv. First, the FDA granted fast track status for Dexanabinol. Second, Pharmos raised $21 million at much better values than in previous rounds, which barely gave a premium for the share. The key question, of course, asked by many Pharmos lovers is who the sellers were. The answer is simple. The sellers were the investors who bought the share at under $2 last year, bondholders who sold their convertible bonds, moneymen and hedgers. And why not? Is there a lack of sellers? Not at the rate at which this share has been rising. The harder question is how to evaluate Pharmos now. If Pharmos were a US company and Dr. Aviv a scientist at Cornell University, Pharmos' share price would unquestionably be worth six or seven times its current market price, i.e. $27, and six or seven analysts would be giving it a "Strong buy" recommendation. Institutional investors would be buying in droves and strategic partners like Johnson and Johnson (NYSE:JNJ), Merck and Co. (NYSE:MRK), Pfizer (NYSE:PFE) would be knocking at the door. But Pharmos is an old Israeli story, Dr. Aviv has been in the market for a long time, and Dexanabinol has not yet been approved, so the company's share price stopped rising at $2.52. It's very hard to estimate Pharmos's current value, but compared with anything else, its' worth a lot more. After all, ladies and gentlemen, didn’t you pay $15 for this share when it really wasn’t worth it at the time? Who knows? If all goes well, Pharmos could be a fantastic windfall in a couple of years, and if it isn’t, what are you worried about? You calculated the risk when you bought the share, didn’t you? Pharmos raised money yesterday in two parts: $5 million immediately and $16 million when the institutional investor gives the go-ahead, a technical matter. Pharmos issued convertible bonds at a strike price of $4.04, and bearing 4% interest. The bonds can be redeemed in 13 equal monthly installments beginning in March 2004, so the loan will be closed in April 2005. The subsequent $16 million will be held in a trust, with an acquisition as the goal. In addition, Pharmos gave investors an option to buy 5 million shares at a strike price of $2.04. Many people will use this move to explain why the share didn’t rise higher yesterday, but who are we to spoil somebody else's party? That's enough for today about Pharmos. I am sure that this won't be the last celebration. By the way, take note that ImClone Systems (Nasdaq:IMCL) rose above $40, and compare.

To: JMarcus who wrote (1223)	10/16/2003 8:27:54 PM
From: rjk01	Respond to of 1386

However, in Pharmos' case, any analyst could set whatever price target he chooses; quantifying the company's potential is challenging indeed. Pharmos is working on discovering, developing and commercializing "novel therapeutics" for inflammatory and neurological conditions, based on cannabinoids. Its flagship neuroprotective product is dexanabinol, which is undergoing testing as a treatment for traumatic brain injury, and as a preventative agent against post-surgical cognitive impairment, the company explains. "Bouchay probably wanted to set a target of $10, but settled for $6. Why, do you think that's high?" Aviv commented after the analyst's report was released. Bouchay had met with Pharmos' management two weeks ago, Aviv related. When Aviv says $6 is too modest a target, he's thinking about Pharmos' particularly speculative story. The entire company is built on dexanabinol at this stage; if the development succeeds, its market could be a billion dollars a year. Bouchay estimates that the clinical trials will end in early 2004, but the final results will only be in by the fourth quarter of that year. Pharmos will be in a position to file a new drug application with the United States Food and Drug Administration in the third quarter of 2005, Bouchay figures. Some time after the final test results are in, Pharmos will probably try to team up with a strategic partner.

To: JMarcus who wrote (1223)	10/17/2003 1:04:45 AM
From: rjk01	Respond to of 1386

16 Oct 03 15:54 Pharmos (Nasdaq: PARS) rose to $3.47 on a heavy turnover, to complete a 14% rise. Next Tuesday, Pharmos chairman and CEO Dr. Haim Aviv will appear before institutional investors at the Rodman & Renshaw Techvest Healthcare Conference in Boston. For the first time, Aviv will talk about Pharmos's discoveries in neurology acquired during its research on Dexanabinol. Some of the conference's attendees might include institutional investors who've invested in ImClone (Nasdaq:IMCL). They will discover that Pharmos's drug is no less impressive, and farther along the FDA approval process, and may decide to switch to Pharmos

To: JMarcus who wrote (1223)	10/17/2003 10:25:50 AM
From: LLLefty	Read Replies (1) \| Respond to of 1386

>>>>PARS, at $3.88, has surged past its 7/13/2001 closing high of $3.76. The stock traded in the $4 range from 6/5/2000 to 7/10/2000, but it hasn't closed as high as $4 since 7/10/2000<<<< Look at it this way; Whatever the daily price (it is sweet, of course, to see it rising sharply) PARS is now three years closer to turning dex into a most useful response to TBI and, in the process, a blockbuster drug.. n. b. I notice it touched 4 not long after opening today.No temptation here to take any profits. Since I've watched this drama this long, might as well stay around final act.