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Biotech / Medical : Kosan BioSciences -- KOSN -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (884)	2/28/2008 7:31:21 PM
From: tuck	Respond to of 933

Listened to most of it; Howard Liang from Leerink Swan basically asked my questions. The answer was that while there is a composition of matter patent for alvespimycin -- an advantage -- the formulation IP around tanespimycin is stronger, and other "new information" suggests the IP for alvespimycin was weaker. Management did not elaborate. In spite of dropping alvespimycin, the company does not foresee changing the number of employees this year. Johnson left for "personal reasons." My guess is the recent share weakness is due to an institution getting wind of this new information that torpedoes alvespimycin, and concluded, correctly, that fundamentally, the company was substantially weaker as a result. And I would agree. The company sees a niche in second line myeloma. I don't have high hopes for tanespimycin in solid tumors, and wish they would drop that program. TIME-2 to launch early next year. Anyone else got thoughts? TIA & Cheers, Tuck

To: tuck who wrote (884)	2/28/2008 11:41:30 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 933

>> at least that's the impression I have << So you go to the people who have the formulation advantage, and partner the package from a position of weakness? No, there's no motilin agonist in the price. Nor should there be. Large markets. Somebody out there must have guidance re. royalty. Maybe 6%, sliding to 8%, wild-ass guess. Up front was 12.5m, or something of that magnitude. GSK has a motilin agonist in (?) phase I. Does mlnm believe the "moderates velcade tox" bit? Thanks for the comments re. i.p., gotta run. Rick