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Biotech / Medical : Pharmacopeia, Inc. (ACCL) (Prev: PCOP) -- Ignore unavailable to you. Want to Upgrade?

To: Wade who wrote (74)	5/5/1998 12:45:00 AM
From: david thor	Read Replies (1) \| Respond to of 179

Wade, <I do not like it at all. > I can understand if you're not overwhelmed, but "not like it at all"? Seems to me the press release described an event that happened. Nothing more, nothing less. Take it for what it's worth, but it didn't seem like bad news to me; if you would've liked to see a $dollar amount listed, well may Susan could answer that! Could you describe what makes this bad news? Thanks, Dave

To: Wade who wrote (74)	5/29/1998 11:35:00 AM
From: Susan Rodney	Read Replies (2) \| Respond to of 179

Wade, Sorry for the delay in responding. Life at Pharmacopeia is busier than ever. All integration related issues appear to be on track, several internal programs are moving closer to the clinic and as evidenced in our most recent press release, collaborations are going well. I apologize if you felt the release lacked "meat". Unlike others in our field, Pharmacopeia tends to be a very conservative company. We don't hype for the sake of hyping, nor do we release "non news". We truly felt the achievement of the milestone with Bristol-Myers Squibb was significant for several reasons including: 1. The targets on which we are collaborating with BMS are two chemokine receptors. We are attempting to find a small molecule (something that, if a drug, could be taken in tablet or capsule form) that can prevent a very large ligand from binding with its natural receptor. Think of it as a raisin trying to prevent two bowling balls from coming together. Heretofore, these so called "protein-protein interactions" have proven extremely challenging for drug companies. Pharmacopeia, using its large, "smart" libraries has had success in this program, as well as 6 other protein-protein interaction programs. 2. We signed the deal with BMS in December. It is extremely encouraging that we were able to identify a lead compound in such a short period of time. We can now move on to optimizing this compound, the next logical step as we move toward the clinic. I'm glad that some of you were able to see the piece on CNBC's The Edge. It was extremely positive, incorporating testimonial from the head of drug discovery at Bristol-Myers Squibb and an analyst at Lehman Brothers. Unfortunately, it happened in the middle of a down market. Nice catching up with everyone. Look for the MSI acquisition to close on June 12th. Sue