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Biotech / Medical : T/FIF Portfolio -- Ignore unavailable to you. Want to Upgrade?

To: jayhawk969 who wrote (21)	8/22/1998 5:34:00 PM
From: scaram(o)uche	Respond to of 1073

J.D.: >> I am now diversifying my biotech exposure because the risk is one of science, leadership and financial acumen. It is not easy to finance as startup and create a success before the well runs dry. A company like Seragen won the battle(at least Ontak is highly likely to be approved) and lost the war << I can see why you feel this way. However, it is quite different from my perspective. The concept of using MAbs, growth factors, etc. to target protein toxins was attractive, early in the game, and I was in the midst of the most competitive of projects. However, as the issues surrounding immunogenicity became clear, it also became evident that SRGN would be playing with topicals and small markets. From my perspective, therefore, SRGN lost the game long ago, and the business plan has been eroding ever since. This only reinforces, however, the point you were trying to make. >> I am watching AGPH closely for a potential bounce. I would expect LGD(yes I am very concerned about its potential dilution) and ISIP to bounce if there is a September rally<< Owned all three on occasion. My own personal opinion.... ISIP is risky to the point of being unattractive. We should try to get Silverman, Suzman, V1 and Metcalf to put together a "bounce" portfolio..... solid mid-caps, backed by your "leadership and financial acumen", that are nonetheless selling at a low multiple when compared to cash in-hand. In a sector recovery and in the absence of company-specific news, one might expect the "bounce" portfolio to recover before the T/FIF portfolio. >> Some of the February option plays are dirt cheap << I agree....... got into one position on Friday. Do you have any that, in particular and apart from AGPH, LGD and ISIP, look good to you? I don't think that we can formally track options in the portfolio.... SI quotes don't seem to support such. Thanks. Rick