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Biotech / Medical : Alexion Pharmaceuticals, Inc. (ALXN) -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (401)	12/20/2003 10:23:28 AM
From: aknahow	Respond to of 824

Erick, I guess it all is in the eye of the beholder. difficult for me to see it your way, unless the potential drug is absolute junk. This type of deal is great for the party that has the option to not participate in the larger more expensive, P III trials and still get a royalty, if the other company decides to go ahead. Its' a matter of economics. Phase I trials don't cost that much and one is not forced to go into even the phase I. As an example Xoma halted further investigation of the the first drug partnered with MLNM prior to even going into clinic. So if phase I is not successful there is no Phase II. Absolute conclusive failure for efficacy or side effects brings an early halt to a P II reducing the risk of expending too much on junk. Obviously this type of deal is good for both partners but I see the company that can decline to partner in the P III while it controls what is will do in P I , if pre clinical justifies P I and P II if justified, as being in the cat bird seat.

To: Icebrg who wrote (401)	12/20/2003 10:23:59 AM
From: aknahow	Respond to of 824

Erick, I guess it all is in the eye of the beholder. difficult for me to see it your way, unless the potential drug is absolute junk. This type of deal is great for the party that has the option to stop participation in trials and still get a royality, if the other company decides to go ahead. Its' a matter of economics. Phase I trials don't cost that much and one is not forced to go into even the phase I. As an example Xoma halted further investigation of the the first drug partnered with MLNM prior to even goin into clinic. So if phase I is not successful there is no Phase II. Absolute conclusive failure for efficacy or side efffects brings an early halt to a P II reducing the risk of expending too much on junk. Obviously this type of deal is good for both partners but I see the company that can decline to partner in the P III while it controls what is will do in P I , if pre clinical justifies P I and P II if justified, as being in the cat bird seat.