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

To: Jon Koplik who wrote (1833)	3/16/1999 9:23:00 PM
From: Fred Puppet	Read Replies (3) \| Respond to of 2135

It's true that sometimes "the establishment" makes a mistake and rejects a promising discovery, leaving it to a maverick to commercialize. However, that doesn't happen often. I certainly wouldn't count on it (as ENMD shareholders are). This morning at $25, ENMD was valued at the same level as the day prior to the announcement that Bristol-Myers Squibb was abandoning further development. BMS has one of the best new drug development teams in the world. When they say it won't work, the odds are overwhelming that they're right. BMS's opinion should count for a lot, and today we saw the market start to consider it. I like the analogy to the Wright brothers. They went out of business because they focused on science rather than profitability. The results from Duke are exciting because they imply an easy to manufacture small molecule can do the job of angiostatin. Although BMS doesn't want to touch angiostatin, they (or the other majors) may go after a small molecule. ENMD won't move on to a small molecule because they're the type to go broke in pursuit of good science, and to hell with profits.