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Biotech / Medical : IDPH--Positive preliminary results for pivotal trial of ID -- Ignore unavailable to you. Want to Upgrade?

To: contrarian who wrote (1497)	3/4/1998 12:09:00 PM
From: AJAG	Read Replies (1) \| Respond to of 1762

Hey guys! Forget pure technical analysis when it comes to biotechs- Here is the REAL REASON that IDEC is going to go up- Lehman Brothers reports that sales of their lead product so far are at the high end of expectations and have raised their earnings estimate from 26 cents to fifty cents, and target price of the stock to 59 dollars. You can take a look for yourself- just find the Lehman Brothers biotechnology web site. Lehman reports "significant off label use" of Rituxan.

To: contrarian who wrote (1497)	3/4/1998 4:49:00 PM
From: Howard Hoffman	Read Replies (1) \| Respond to of 1762

IDEC Pharmaceuticals Elects to Withdraw Follow-On Offering SAN DIEGO---March 4, 1998--IDEC Pharmaceuticals Corporation (NASDAQ:IDPH) today announced it has elected, in light of market conditions, to withdraw its follow-on stock offering of 2.0 million shares. The company had filed a registration statement for a follow-on offering on February 24, 1998. "We will continue to establish market acceptance for our lead product, Rituxan(TM)," said William H. Rastetter, chairman, chief executive officer and president. "We believe that additional sales performance information, as it becomes available, will underscore the strength we have seen with Rituxan's launch." Net sales of Rituxan, booked by IDEC's partner, Genentech, were $29.4 million during the period beginning with product launch on December 16, 1997 through the end of February 1998. "Additional capital will become useful in continuing to build our business," said Rastetter, "for example, for facilities expansion and product acquisition. However, we have sufficient capital to fund the existing business and it is not critical to complete an offering under these market conditions. The fundamentals of the company continue to be strong. Our election to withdraw the offering is not related to any material change in IDEC's business."