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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Flagrante Delictu who wrote (21406)	5/26/1998 3:49:00 PM
From: Henry Niman	Respond to of 32384

Bernie, Thanks for the heads up. I'll try to catch the CNBC segment on Biotechs. Looks like big boys are getting active in LGND again this afternoon. Another shareholder who attended the meeting last week asked SA about ONTAK approval chances and she gave a positive rec a 90% chance.

To: Flagrante Delictu who wrote (21406)	5/26/1998 4:36:00 PM
From: Henry Niman	Read Replies (2) \| Respond to of 32384

Heavy duty after hours trading today. Maybe big boys are getting ready for CNBC report on Biotechs tonight.

To: Flagrante Delictu who wrote (21406)	5/26/1998 6:42:00 PM
From: Henry Niman	Respond to of 32384

Bernie. The Edge segment on CNBC tonight was on PCOP! You would have enjoyed it (but I guess you will like the pop at the open).

To: Flagrante Delictu who wrote (21406)	5/26/1998 7:09:00 PM
From: Henry Niman	Read Replies (2) \| Respond to of 32384

The Edge segment on CNBC feature Michael Waldheim of WSJ and was almost exclusively on PCOP. Lots of film of CEO and lab personnel. Also interviewed Lehman analyst (Mathews?). Emphasized combinatorial chemistry approach (can screen 1 million compounds a year), but did acknowledge competition. Edge was in tags used in proprietary technology. Investment was like mutual fund because company didn't bet the farm on any one compound. Mentioned $1 million? from BMY for an arthritis drug (not sure if I heard correctly, but $1 million sounded very cheap to me). Also said that drug development typically takes 12-15 years. In general, Biotechs with several partners a good sign (listed 4 for PCOP including BMY, SGP, SBH? and ZEN?) and said that senior management experience in pharmas was good (PCOP CEO had 30 years).