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Biotech / Medical : MGI Pharma MOGN New patents, anti cancer -- Ignore unavailable to you. Want to Upgrade?

To: the eagle who wrote (703)	2/18/1998 10:40:00 PM
From: David Cathcart	Respond to of 1826

Eagle, <<i think that you posted some info attributable to blitzer regarding the outlook for a european partner for distribution. it sounded like info blitzer gave at an annual stockholders meeting. i wish you could give us the benefit of those comments again so we might read between the lines.>> I've never been to a MOGN stockholders' meeting. I've been to three presentations when Blitzer and other officers were promoting the MGI story. I've also listened in on a few conference calls. Blitzer said in December '97 that he was unwilling to give up any U.S. distribution rights for MGI-114 until the conclusion of phase II trials. Once the phase II trials are complete, we will have a much better idea if MGI-114 is a blockbuster drug or something less that that. Whatever it is, Blitzer thinks he has something of extraordinary value and I'm inclined to agree. Once the picture is clearer about what MGI 114 is, and its value to the U.S. market, Blitzer will start negotiations for an appropriate U.S. partner. IMO, this strategy makes perfect sense, especially once you factor in the funds that are going to come from the European partner. And why not? The phase II trials will be paid for by others. We will be making money on Salagen and, if RDB's convictions are correct, we will also be watching tumors shrink. <<seems to me mogn has very little downside risk and a tremendous upside for those that are patient.>> I couldn't agree more and this thing is looking more and more like a "gimme" everyday. However, I don't think patience will be required much longer. I think the biggest concern for shareholders of MOGN in the coming months will be: where do I sell? $10? $15? $20? . David