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Biotech / Medical : GENZYME - THE KING OF THE BIOTECHS -- Ignore unavailable to you. Want to Upgrade?

To: Vector1 who wrote (317)	7/29/1998 5:59:00 AM
From: Andreas Helke	Read Replies (1) \| Respond to of 410

I think that in a few years not using anti adhesion products will be considered to be unacceptable. I would be pretty pissed off if I had to undergo repeat surgery only because my surgeon did not use an available anti adhesion product. The bigger question of course is if Seprafilm is still the favoured product when anti adhesion usage finally catches on. I think just about any company that is working with hyaluronic acid has an anti adhesion development program. Anika claims that their not yet approved anti adhesion product works better than the current Seprafilm. Life Medical Sciences CHAI has an anti adhesion product from another base material that worked much better than Seprafilm in preclinical animal studies. CHAI will run out of cash in the next 3 months and its current market cap of $11 million is probably too low to raise the necessary development money by selling shares. A partnership or straight buyout is probably necessary to keep CHAI running in the long term. Maybe Genzyme should play it save and acquire the rights to this promising technology. Andreas

To: Vector1 who wrote (317)	7/29/1998 9:53:00 AM
From: Lighthouse	Read Replies (1) \| Respond to of 410

Vector 1 thanks for the reply! Nice to see some discussion of "The King of the Biotechs" ;-) Thanks for sharing your numbers with the group. In a like spirit here are mine: (These are just projections used for illustrative purposes only and are not guaranteed to be accuracte, sensible or realistic. Personal due diligence is the only way to invest. Be careful and trust no one but yourself) 1998: $1.45 1999: $1.83 2000: $2.03 A quick note on the EPS augmentation to GENZ via the tax benefits of GENZL. That is one reason the p/e is lower than one would think. The quality of those earnings is suspect/poor. Once this area gets cleaned up (one way or the other) the p/e will move higher. What is your take on GENZL? Would you continue funding this division? Personally I would drop every indication except an arthrscopic Carticel procedure. Long term I believe you will need a two step arthroscopic procedure to drive widespread adoption. Also the price must come down as well. It may be that it is one of those procedures where at $10,000 and difficult surgery you get 3,000 people. As opposed to a $3,000-$4,000 procedure with minimal recovery problems and you get 50,000 people. The Parkinson's indication and the other Neurocell treatments look like a very expensive lottery tickets. The amount of dilution necessary to bring this to market is quite large. {I have no idea why someone would buy GENZL looking forward with the dilution coming down the pipe). Do you know anything about the Interferon announcement yesterday? I actually like this division and the steps they are taking. Regards, P.S. Do you know how much GENZ has spent on Seprafilm?