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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (212)	7/20/1998 2:07:00 AM
From: Vector1	Respond to of 4974

Rick, Interesting comments. IMO the market is applying a substantially higher discount rate to biotech drugs in development particularly by unproven companies. The reason for the increase in the implied discount rate is the spate of late stage failures by biotech companies. Until we see a number of biotechs successfully bring products to market this will continue. For those of us who are smart and lucky enough to pick the successful companies the rewards will be great. With regard to spinning off a boutique. It is very difficult to create a company capable of quality underwritings without a very substantial capital base. Even Vector which is a fine shop has only led a handful of underwritings over the last 3 years. Usually they are playing second or third fiddle on the right side of the prospectus, brought in because they are not deemed competition by the big guys and they have a small but loyal institutional following. V1

To: scaram(o)uche who wrote (212)	7/20/1998 5:28:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 4974

BTK 148.22 +4.06 148.44 144.16 +2.8% DJIA 9,295.75 -42.22 9,367.84 9,264.59 -0.4%

To: scaram(o)uche who wrote (212)	7/24/1998 2:57:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 4974

As we recently discussed......... "many biotechs, in particular companies with market capitalizations of $100 million or less, face ''big trouble'' ahead because of lack of sponsorship on Wall Street." biz.yahoo.com