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Biotech / Medical : NexStar Pharm(NXTR) -- Ignore unavailable to you. Want to Upgrade?

To: Miljenko Zuanic who wrote (306)	10/23/1998 12:07:00 PM
From: Steven Yang	Respond to of 328

Hello, Miljenko, Thanks for your comments. I have re-checked my notes from the CC and my notepad for NXTR, and have the following to add: Am sale: The Am sale in the traditionally weak Q3 is very decent. (ref. the sale change in LIPO, for example). Given the fact that NXTR is selling as a premium drug and it is the third to enter the US market, the fact that it is gaining US market share confirms the point you made earlier -- Am is a better drug. This is the strong evidence for us to believe that Am will become a market leader. The question is how long it will take Fujusawa to do so. The next question, and more important one I would say, is how much market share Am can take from conventional Ampho- B. Cash and AR: NXTR received $15M from the sale of its interest in Proligo, the other $6+M is the NXTR's share of the asset value contributed by SKW (a plant and some other stuff.) Of the $15M, NXTR then contributed back to Proligo $4.9M as the working capital. NXTR had an operation loss of $1.1M in Q3, that leaves $9M that has gone into AR (- increase in account payable) and capital expenditure ( - D&A). Even if all goes to AR, it is an increase of $9M, rather than $21M. I guess we will have to wait for the 10Q to come out to find out the detail. More later, Steven

To: Miljenko Zuanic who wrote (306)	10/23/1998 12:21:00 PM
From: Steven Yang	Read Replies (1) \| Respond to of 328

Hello, Miljenko, (continued) MK and other pipeline issues: NXTR has some preliminary results from the Phase II trial for MK. NXTR tried to send the result out to a November meeting as 'late breaker (name?)', but was rejected for being too late. The full result will come out in 99Q1, and Phase III is expected in mid-99. During the CC, one person asked the possibility of accelerating the trial, given the reduced burn rate from the spin-off. NXTR will not do that, according to Michael Hart. No detail was mentioned for the MK trial, such as dosing, etc. The current treatment for NX1838 is via injection. NXTR is trying a non-invasivie form of delivering the drug. If it can be done, it will be a huge positive for AMD, since the alternative will be either laser treatment or injection in the eyeballs. However, given NXTR's credit, I have to doubt if it can do it, at this moment. NX-211 is in late clinic trial, and Phase I trial is going to be initiated in 99H1. [Do you know how good this drug is in non-liposome form?] Shorts: I do not mind the large short position. I do feel very concerned, however, when I do not know why the bears are shorting NXTR. Unlike the bears for BVF, ORG, NVX, etc, the shorts on NXTR seem to be rather quiet. [Maybe, the majority of the shorts are the hedging for the convertables after all.] Steven ps: the phone number for the CC is 402-220-1030, and the playback will be availble to later today.