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Biotech / Medical : VD's Model Portfolio & Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: Mr. Sam who wrote (5188)	6/22/1998 6:25:00 PM
From: Pseudo Biologist	Read Replies (1) \| Respond to of 9719

Mr. Sam, I am not too savvy but since no one has responded yet. Here we go. I am aware of a a number of angiogenesis gene therapy programs, or at least announced deals. For example, Vical (VICL) licensed technology rights to Merck (if I recall correctly) for work in this area. Progenitor (PGEN) has done some work here too, and it may involve gene therapy as well. I seem to recall that a private company in the San Diego area (DynaGen?) announced a similar deal to Vical-Merck's with another large pharmaceutical company. There was also an announcement of a new company, Vascular Genetics, set up by researchers at St. Elizabeth's Hospital and Human Genome Sciences to exploit gene therapy using a "new" angiogenic factor, VEGF-2, discovered by HGS. (see hgsi.com ) This is what I can remember off-hand on delivery of angiogenesis factors with gene therapy. On angiogenesis/anti-angio in general there is quite a bit more. Agouron has an anti-angio compound in phase II/III trials (targets matrix metalloproteinase); Sugen has an interesting one in phases I or II (targets VEGF receptor intracellularly, if I remember right). These two are "cheap and simple" small molecules; may be orally available. I glanced at the GenVec prospectus and it looks like they have very solid science, and strong intellectual property on use VEGF via their arrangements with Scios and Genentech. OTOH the most recent crop of biotechs IPOs has not treated early investors well (CCHM, CRGN, MBIO - not that recent but perhaps somewhat similar to GenVec). For valuation purposes GenVec may also be matched against other gene therapy companies such as MBIO, VICL, CEGE, AVGN or Apollon, which was recently acquired by AHP (see ahp.com ). I have not attempted to do such comparison yet. PB