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Biotech / Medical : ATIS is on the move! -- Ignore unavailable to you. Want to Upgrade?

To: Marshall Teitelbaum who wrote (1202)	12/6/1997 7:03:00 AM
From: Harry D. Kramer	Respond to of 2205

Marshall and all, either David knows something we don't know (e.g. the bad quality of healing argument), or he is just playing the short game with us. Buy on rumors sell on fact? Life is not that easy. You need to have an idea what this stock can be worth if all things go as planned, or if all things go wrong. With the stock now at $15 and the probability of approval for dermagraft now close to 100%, I think the risk being short right now is much higher than the risk being long. However, if we go significantly above $20 before the panel, I think this relationship may change. So it's of course all a matter of where we stand at the end of January, to make such a bold prediction. By the way, I don't think that the market will make the same mistake again, which means, I would really be surprised to see ATIS above 20 in the next 7 weeks. But I agree with you, Marshall, the shorts will be a very important factor in this issue. There is a lot of shares to cover and this could lead to a short term squeeze. David, why don't you give us some insight in your strategy regarding ATIS!?! Maybe you can come up with some new aspects that haven't been discussed here in adequate length. What are the reasons behind your bearish view on ATIS? Is it just a valuation call, or is it something else? As I have said before, I think the risk-adjusted fair value of ATIS right now is somewhere around $18-$26 per share. This fair value level can grow at an annual normalized rate of 20%-30% for the next five years, if things work out the way the company and most of us assume. That's of course a big if, but it's getting smaller and smaller every day. Just my opinion. Would like to hear plausible (and verifiable) arguments that prove me wrong. Questions to all on this thread: 1.) What kind of market share is realistic for dermagraft (five years after market launch and in percent of total patient population)? 2.) Pricing of dermagraft? 3.) Assuming clinical development of the cartilage product is successful, when can we expect to see this product on the market? Etc., etc. My assumptions: 1.) 16%-22% (of 400.000 in the U.S.) 2.) $3200 per average patient (=$380-$420 per sq.ft.) 3.) 2000 (worst-case 2001) Does anyone have completely different expectations? And why? Marshall, to the credibility issue. Unfortunately it's not just credibility, but hard money that has been lost in the last year. Not only did the additional trial cost real money, but we also lost approximately one year of product sales. And this adds up to a lot of millions. But at least the additional study will help with the marketing of the product. I agree in one point with David. I have enough of reading the sentence: "With this technology we can do everything, we can even grow a whole arm in the lab, etc, etc., etc." I have been reading these promo-statements now for years, but the clinical pipeline hasn't changed in all these years. So let's just do it! Give us your new hand, Ms Naughton. :-) Have a nice weekend, Harry

To: Marshall Teitelbaum who wrote (1202)	12/8/1997 4:00:00 PM
From: Joe Btfsplk	Read Replies (1) \| Respond to of 2205

PLAINSBORO, N.J., Dec. 8 /PRNewswire/ -- Integra LifeSciences Corporation (Nasdaq: IART) today announced that it has received approval from the Medical Device Administration of the People's Republic of China to import and market INTEGRA(TM) Artificial Skin throughout the country. The Chinese import certification is for use in burns as well as plastic and reconstruction surgery procedures. INTEGRA Artificial Skin is now commercially marketed in some 20 countries including the U.S. and Canada. The use of INTEGRA enables the body to regenerate its own permanent dermal tissue. The Company has already sponsored three lectures introducing the medical application of INTEGRA Artificial Skin to some 200 doctors and nurses from more than 30 different cities in China. The Company believes that the potential annual market in China could range between $25 million and $30 million. In addition to China, the other countries include, Taiwan, New Zealand, Australia, United Kingdom, Ireland, Hong Kong, Singapore, France, Thailand, Sweden, Netherlands, Norway, Finland, Switzerland, Israel, Denmark, and certain states in Germany on an individual patient basis. The international market accounts for approximately 25 percent to 30 percent of INTEGRA overall sales. "Given the volume of approvals and market potential of the international market, which could be twice that of the United States, the Company has reason to be deeply pleased," said Andre Decarie, Senior Vice President of Business Development. "The company's ISO-9001 certification cleared a major hurdle for us toward obtaining the CE Mark (European Community regulatory approval), which will continue to broaden our overall sales." For a menu of Integra LifeSciences Corporation press releases or to retrieve a specific release, call 800-758-5804, extension 106047 or prnewswire.com on the Internet.