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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: jeffbas who wrote (56)	3/15/1999 9:37:00 AM
From: Biomaven	Read Replies (1) \| Respond to of 52153

Jeffrey, The future potential stream of biotech payments ought to be able to be discounted reasonably by competent observers for the various risks. The problem is that very few details about the agreements are typically disclosed. All that is usually initially disclosed is the upfront and the maximum. Often you can get more by looking at the 10-K, but the dollar amounts are usually redacted. MLNM is unusual in that their agreements seem to be denominated in dollars not biobucks. <G> On another topic, I listened to most of Mark Lampert's Saturday presentation via Vcall - see Rick's post on the subject. He really is an extreme value oriented investor - he buys no matter what the stock price is if he thinks there is long-term value. Well worth listening to. Note that he confirmed my suspicion that the high published rates of success in Phase III come from the big pharmas - products that have survived the extensive winnowing process that they can afford. The Vcall Bay Area conference had an unusual number of good companies this time - covered a good chunk of my smaller holdings. You can still listen to the presentations after free registration at: www.vcall.com Peter