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Biotech / Medical : T/FIF Portfolio -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (709)	3/24/1999 12:43:00 AM
From: scaram(o)uche	Read Replies (1) \| Respond to of 1073

Ugh! Ugly. Sorry it took me so long to respond...... very busy, up to eyeballs in kids and kid-related stuff. You know by now that PGNS is considered a one-trick pony, and that the pony was handicapped as a thoroughbred. I stopped maintaining the portfolios some time ago, but we had cut back on PGNS earlier. After the TB program went south, the company just didn't have much leverage. Shortsighted management at one company, clobbering the entire sector. You'd think that they could have a tad closer to decent guidance. We seem to have four classes of CEOs in biotech right now..... 25% running semi-scams 15% too stupid to scratch where it itches 55% running good operations, but caught in the headlights 5% keeping their programs on target, innovating to fit the business plan to conditions It's the "caught in the headlights" category that irks me the most. It's been obvious that one needed to merge the good U.S. companies to create "british-like" companies. That is, we need to have companies with broader pipelines moving forward. Lots of the British pipelines were weak, but there was temporary strength added to the business plans through diversity of the preclinical and clinical projects. It's really beginning to bug me, as I own a lot of "55%" companies....... egos and blinders are getting in the way of the sector's vitality.