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Biotech / Medical : EntreMed (ENMD) -- Ignore unavailable to you. Want to Upgrade?

To: Anthony@Pacific who wrote (1562)	2/11/1999 9:52:00 PM
From: Dave Gore	Read Replies (1) \| Respond to of 2135

Nope, Anthony...can't let you get away with that one. BMY is keeping their options open, and was actually quite positive about it's future.....READ BELOW ***** YOU SAID" NCI<---NON PROFIT " feel good group" Bristol Meyers<-------FOR-PROFIT " CAN it make money?....NO! ...OK Can IT!!!" ***** That ain't it and you know it. FROM YESTERDAYS, BMY Press Release: Under their revised agreement, EntreMed, based in suburban Washington, D.C., is now responsible for all upcoming work on the molecule. Bristol-Myers Squibb has the option to "reassume" development and marketing once proof that the protein meets its criteria for clinical trials becomes clear. Research conducted at Children's Hospital in Boston had showed promise, reducing tumors in mice by cutting blood supplies to cancerous areas. But angiostatin hasn't been tested on humans. "At this time, Angiostatin protein in its present form does not meet our criteria for molecules that advance to clinical trials," Robert A. Kramer, vice president of oncology drug discovery for Bristol-Myers, said in a press release. "We have chosen to direct our resources to other programs in our broad oncology pipeline. We continue, however, to view antiangiogenesis as an important and viable target in the spectrum of oncology research," he added.

To: Anthony@Pacific who wrote (1562)	2/11/1999 9:57:00 PM
From: Henry Niman	Read Replies (3) \| Respond to of 2135

I think that you are missing the forest because of all of the trees. Earlier NCI statements cast doubt on the underlying TECHNOLOGY, but virtually NO ONE publishes NEGATIVE data because it can't be proven. The experiments either don't work because the underlying hypothesis is wrong, or the experiment wasn't done properly. The NCI now says that the experiment initially wasn't done properly, and now the underlying technology works. Remember, LLY gave back Viracept to AGPH. BMY jumped ship largely because of technical problems which, for endostatin, appear to have been overcome. It remains to be seen if the animal data can work in humans, but the underlying technology appears to be valid, and ENMD can get a THIRD PARTY to develop the drug (see tonight's DJ story). Holaday may have an optimistic time line, but the price will probably go up tomorrow, because the underlying technology has been validated by a third party (the NCI - who got it RIGHT). Betting on NEGATIVE data is a major no no, no matter if its generated by a for profit company like BMY, and or non-profit organization like the NCI. It's hard to get a POSITIVE result without cheating. Can't tell the players without a scorecard: NCI 1, BMY 0 (hold onto you shorts, someone will be tugging on them tomorrow)