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Gold/Mining/Energy : Inflazyme Pharmaceuticals (T.IZP) -- Ignore unavailable to you. Want to Upgrade?

To: David Culver who wrote (1106)	11/4/1998 5:47:00 PM
From: Harold Lehman	Read Replies (3) \| Respond to of 1501

Dave, My wife and I met with Mr. McBeath in Toronto (we have relatives there and live ~100 miles away in Flutieville) Tuesday morning (Nov.3), and both of us were extremely impressed with him. I think he's extremely able to discern the significant issues on different levels. I also think he has an very detailed understanding of all the steps involved in developing, testing, marketing, and financing these compounds, and he is highly articulate. My wife was surprised at how impressed she was with him as she had almost given up on this investment despite my hopes. Here's something to think about. The bane of this company has been IPL 576,087's large-batch manufacturing problems. It had 12 steps, but there were problems. E.G.- In the large-scale manufacturing, it heated up A LOT in at least one of the steps: one time after it was mixing overnight there was an explosion when the lid was opened the next day (thanks for telling us Hassan) due to the heat. The problems were so bad that the projected date for having the quantities of material needed were set back to no earlier than late 1999. So Mr. McBeath decided to look at their other similar compounds, and they found one which requires only 8 synthetic steps, four of which I think are the same as the beginning steps of 087's synthesis. This compound, IPL 576,092 is also much more potent than 087. The initial acute toxicology studies were successfully done, and now they may be able to finish them by the end of the year. The histopathology then must be done and read by several different pathologists, and this takes about 3-4 more months. Then hopefully Phase 1 will follow 2-3 months afterward. It will be done in the UK first, and much of that information can be submitted to the FDA. They may also collaborate with some of the most sophisticated molecular biologists in the world to study the mechanism(s) of action of 092 and maybe other compounds in the future. I was very impressed with the manner in which this is being conducted. It's the financing that may or may not cause problems. It's my opinion, however glib it may seem or be, that a brand new bull market in small cap stocks would go a long way toward helping this company out of that quagmire. And it is quite possible that we are in the beginning stages of it. And the Canadian dollar has been strengthening lately. If it breaks out money would flow into Canadian markets (my opinion only). In essence Mr. McBeath has turned this company around in 4 months, taking the company from backing a losing compound (in terms of it's consuming time and resources) to finding what looks to have a reasonable change of being a therapeutic, manufacturable compound. That's no small feat. And I like the way he goes about organizing sophisticated and relevant scientific studies of IZP's therapeutic portfolio. Most people here are already under water. You might as well wait at least a while longer. I think all the bad news is out and already discounted. I'm feeling optimistic again. Sincerely, Harold