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Biotech / Medical : Regeneron Pharmaceuticals -- Ignore unavailable to you. Want to Upgrade?

To: Larry Liebman who wrote (202)	1/28/1998 12:09:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 3559

Larry: Welcome aboard. I bought it cheap, after the crash. Wish that I'd have sold into the strong rally and re-entered with you, but I didn't foresee the overwhelming negative sentiment that has developed with respect to biotech. Lots of strategic evaluation ongoing..... it will be interesting to see if the constipation and retinitis pigmentosa (excluded from the P&G deal for AXOKINE) trials ever launch. If not, I'll want to see a clear indication that the substitute focus or foci have solid science behind them. They know more about the neuro-muscular junction and about normal angiogenesis (that in the embryo) than anyone. The question now is, can they translate the great science into rational drug targets? One thing is very certain.... this is a company where we will get a clear signal in the next year, where we'll know if all that cash in the bank and money flowing through the labs is targeted at projects which are competitive. There's an IBC conference on angiogenesis coming 4/23-4/24 in Boston..... REGN won't tip their hat with respect to any competitive developments, but we will perhaps get an indication of the viability of ang-1, ang-2 and related work. Given that we haven't seen any data relating to ang-1 and induction of angio in the adult, I'm watching for news on ang-2 and how it may modulate the function of VEGF. They're clearly way behind in angio, and, if ang-2 and Tie2 don't pan out soon, I'd just as soon see them drop the program and move resources to MuSK, tumor-related protein kinases, or ????. Here's my wish list for Schleifer: 1. initiate constipation trial or clearly describe, in a timely fashion, the rationale for dropping the project. 2. initiate RP trial or clearly describe, in a timely fashion, the rationale for dropping the project. 3. drop further work with subcutaneous BDNF, or provide investors with detailed "subset" rationale for not doing such. Sounds like BS to me. 4. update investors regarding intrathecal BDNF. Does AMGN give a damn? Is patient acrual active? Is there any justifiable enthusiasm? 5. update investors, clearly, with respect to Medtronic, Huntington's, etc. We need honesty and clarity here. 6. leverage the neurotrophic factor work, make the PCOP collaboration a working priority, or form a joint venture with a good combichem or natural products screening company. Inform investors clearly regarding the complexities in (and roadblocks to) small molecule development. 7. formally drop the cytokine antagonist program. Focus any staff working in this area on the neuromuscular junction and/or obesity. 8. retrench and give the investor get a clear picture of where the research bucks are focused. Focus, focus, focus. The business plan looks like a frigging mess to outsiders. P&G clearly got star struck and bought into early-stage work with a late-stage commitment. Investors derive the benefit of "relative" safety, exposure to great science and a low potential for explosive appreciation. MZ and others.... please add to the wishlist. Perhaps, if we refine it, Schleifer will see the need to provide clarity with respect to the business plan. Rick