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To: Mike McFarland who wrote (31)	1/13/1999 7:22:00 AM
From: Mike McFarland	Read Replies (1) \| Respond to of 89

I could have had Biogen... Here is a note I sent to the fellow who wrote the Biogen article at Marketwatch.com...maybe someday we will see articles done about small and microcap stocks, but I doubt it. Dear Mr. Chervitz... Can we look forward to more frequent articles written about the much-neglected third tier of Biotechnology? Here is my latest post on Silicon Investor in which I brought up the subject that Avonex does nothing to reverse MS, Message 7254777 and that there are other exciting areas for investors. In fact, let's do a search for Glial at recap.com recap.com I'd say Cambridge Neuroscience is the real story waiting to be told. So why should an investor buy Biogen? Does Biogen need investors money? Should I expect a stock with a PE of 53 times earnings continue to move upward...well, perhaps, in a market where the internuts keep running, I suppose a price earnings ratio of 53 looks cheap. However, I think there are a number of exciting possibilities among the third-tier microcap and small cap biotech stocks. You said in your article that "Biogen currently hopes to market two or more drugs in the next three years. The three drugs that are closest to winning Food and Drug Administration approval are Amevive, a protein that could combat psoriasis; autoimmune agent Antova; and Adentri, a congestive-heart-failure drug." I can think of several other psoriasis plays that are a hell of a lot cheaper than Biogen...how 'bout MEDI or BTRN, or even XOMA? recap.com It is like buying the stocks for just a few times cash in many cases, and getting the science and patents and prospects for free! Sigh, maybe I am just another deluded small cap investor. But I will tell you this...I managed to triple my money trading stocks last year and after awhile I actually lost interest. I decided there is a time to hunker down and actually invest in a few companies. I'll write you back in a year and tell you how I did. Keep putting out those biotech articles, goodness knows the sector has been largely ignored except for a few of the large caps these past few years! Sincerely, Michael W. McFarland Seattle, WA p.s. I passed up getting my shares of the Marketwatch IPO for my etrade account last night--so that will tell you how dedicated I am to my microcap biotech stocks, I didn't want to sell any to get in. So my wife and I, instead of staying online and getting our order in, went to see a wonderful movie, "Waking Ned Devine", check it out. It is the best movie I have seen this year.