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Biotech / Medical : XOMA. Bull or Bear? -- Ignore unavailable to you. Want to Upgrade?

To: Bluegreen who wrote (16619)	2/16/2004 12:02:05 PM
From: Robert K.	Read Replies (1) \| Respond to of 17367

I was a strong supporter of xoma based on bpi. I lost faith in xoma about 2002 based on the lack of development that bpi deserved. As you already know, I sold shares then in protest and openly called for the extensive development of bpi-21 or the return of bpi-21 to xoma. Well, I got my wish in mid-2003. Then the question was, ok, xoma has it back and do they have to kahunas to walk the walk. Well it appears that the development of the other bpi products seems to indicate the continued confidence that xoma has in the bpi platform. Additionally the initiation of a LARGE bpi-21 phase 1/2 may open some doors in not only in cpb but perhaps in other areas of intense interest to me. I have maintained that the approval & success of raptiva might embolden xoma to become more aggressive with bpi platform. IMO that seems to be the case. The big question is what will xoma do with bpi-21 as a emboldened company? My guess is that bpi-21 may have several suitors that xoma may go with but that xoma is NOT under the gun to make a deal thats not on generous terms. That said, I think xoma has further plans to enhance the value of bpi-21 to potential partners though additional probes. That said I am once AGAIN looking for xoma to walk the walk and get yet another bpi-21 probe into the clinic soon. I have little doubt about the potential of bpi-21 and I think there are pharmas out there that will appreciate the same thing. I dont really care who develops bpi-21 (xoma or pharma) as long as the deal is good and enforcible. I look forward to further validation of bpi-21 development through a deal or another probe. I think bpi-21 is free of its collar (baxter) and xoma will show thats its walking the walk. Lastly, its a big platform and as big as bpi-21 can be its only a big part of a much bigger bpi picture. Xoma is cashed up, Raptiva empowered, and IMO about to take some big steps. I think they got the right stuff. SKD always. All IMO, no facts.