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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: sjemmeri who wrote (3927)	5/27/2004 12:51:48 PM
From: scaram(o)uche	Read Replies (2) \| Respond to of 4974

Thanks, Steve. VCs want an exit. They'll no longer hold desperately to the dotbomb equity structure, but they'll sneak them through if they can. These "below range" discounts look appropriate to me, and I'll bet there are also some reverse splits in the S-1s?? Supply is still very high. Small caps have come well back from highs, but the summer of '98 vultures -- and those who learned from them -- are just starting, IMO, to pick at companies which lack a "near-term driver".

To: sjemmeri who wrote (3927)	6/4/2004 10:49:31 AM
From: sjemmeri	Read Replies (2) \| Respond to of 4974

Another IPO with weak pricing: 09:35 ET Inhibitex IPO prices well below range (INHX) 7.00: Inhibitex prices its IPO at $7, well below the expected $10-$12 range. This biotech company has two product candidates in late-stage clinical development and three product candidates in preclinical development. Veronate, its lead candidate, is being developed for the prevention of hospital-associated infections in premature, very low birth weight infants. There were 60,000 such infants born in the US in 2001 and 30%-50% will develop at least one hospital-associated infection.Its second product candidate, Aurexis, is currently being evaluated in a Phase II clinical trial as a first-line therapy to treat serious, life-threatening Staphylococcus aureus bloodstream infections in hospitalized patients.... It seems the bottom has dropped out for biotech IPOs as many have priced well below range the past few weeks. The large supply of deals, no financials, years from commercial products, overall sluggish biotech sector and higher interst rates are just some of the reasons for the biotech IPO malaise... This is a 5 mln share deal (down from initial 5.9 mln), led by Thomas Weisel and will being trading this morning.