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

To: LLCF who wrote (140)	4/8/1999 8:40:00 AM
From: CPAMarty	Read Replies (1) \| Respond to of 52153

any reason that you haven't included IMCL in your analysis?

To: LLCF who wrote (140)	4/11/1999 8:53:00 PM
From: arnie h	Read Replies (1) \| Respond to of 52153

David: Just wanted to compliment you on your chart of biotech valuations. Fine job and thanks for sharing. I'm wondering whether you might want to include tax loss carry overs for some of these companies. It seems to me the large tax losses some of these outfits have incurred represent future value either with regard to takeovers or against future earnings, if any get that far. For an acquiring company to take advantage of tax loss carry overs, the tax loss must be written down in one year and the business being acquired has to have a reasonable anticipation of earnings. These requirements limit the field for take overs but nonetheless some of the entrants in your list could find value in their tax losses. I think a company such as Pharmos could indeed fit in this category. Just a thought. Arnie H