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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: Howard Henick who wrote (399)	1/25/1999 11:32:00 AM
From: scaram(o)uche	Read Replies (1) \| Respond to of 4974

Howard: My stance on XOMA has not changed since they formally announced that E5 had been dropped. Don't know what you're talking about, sorry. I've expressed my opinions of IMGN several times, in a couple of different threads (most recently T/FIF?). Mitch failed to answer questions that I asked in the thread approx. 7/97, or answered them in a very non-satisfying fashion. The big deal has been coming for two years now. They may land something, we'll see. But, given that (1) ricin conjugates were kept alive, IMO, far beyond where it was obvious that they wouldn't work, and (2) investors have been hanging on Mitch's big deal for nearly two years, why would anyone trust that management team? Price to book of about 11, so the potential downside is a bit large for an immunotoxin company? >> wonder how big a position you have taken, when and why << I let Bob K. know the last time I played XOMA.... was hoping for early termination of the menigo trial. Didn't get it, and bailed. Missed the runup, and have no position. Rick

To: Howard Henick who wrote (399)	2/3/1999 7:13:00 PM
From: scaram(o)uche	Respond to of 4974

The questions that I asked in 7/97 (or about that time) weren't satisfactorily answered, if addressed at all. That sort of casual attitude toward covering the scientific "bases" has led to a deal that isn't big at all. The upfront isn't specified, and phase I isn't paid for. This is a pretty weak release, given that it's been the "big deal" for two years. It's a deal that could be heavy in milestones and obligations, at a time when the company needs a slug of cash. They are pursuing immunotoxins at a time when others have left them for dead. I hope that their experiments are successful. It's remarkable that the IMGN, XOMA and LGND shareholders are patient while they get diluted over and over again. You have your own type of rabid shareholders/masochists. Hope the payoff comes sometime soon. We have a remarkable diversity of business plans in this sector, and a very polarized group of SI biotech contributors. Nobody needs to be "correct". Those who suggested IMGN as an investment a couple of months ago, in the T/FIF thread, have done quite well. OTOH, today's trading is a reflection of the commentary that I have contributed. Hope everyone is doing well as the sector rallies. Rick