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Biotech / Medical : Guilford (GLFD) - Steadily Rising -- Ignore unavailable to you. Want to Upgrade?

To: Steve who wrote (210)	4/22/1998 4:47:00 PM
From: Russian Bear	Respond to of 496

Steve, I thought the Gliadel numbers looked rather anemic, too. But Gliadel is really not that big a deal for Guilford, at least when compared to their potential big-market neurology drug projects. I was gratified to learn that GLFD/AMGN were making progress with a lead neuroimunophilin ligand compound. I am not sure what, exactly, "additional pre-clinical research" means, but I do not think that it sounds ominous. I would expect that any compound, having undergone some pre-clinical testing, but not yet ready for an IND, would be in the "additional pre-clinical research" category. I share your sentiments and hopes about Wall Street's foresight. Regards, RB

To: Steve who wrote (210)	4/22/1998 8:27:00 PM
From: NeuroInvestment	Read Replies (1) \| Respond to of 496

The rollout quarter was deceptive, because inventories were built up, and sales then decreased as hospitals worked through inventories. Sales were up slightly 4Q:97 to 1Q:98, and Craig Smith during the analysts conference call stated that a substantial increase would be seen this quarter, citing purchase orders already booked by RPR. Clearly the neuroimmunophilin program is going more slowly than expected; now that they have selected Parkinson;s as the target, they will move into more advanced toxicology studies (and when they do, a $1 million milestone payment comes due). However, Smith would not promise that human trials would start this year. NeuroInvestment (www.neuroinv.com)