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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (598)	4/15/1999 1:14:00 PM
From: RWReeves	Read Replies (2) \| Respond to of 4974

I understand. Used to be that biotech could be valued on discounting a good portfolio of drug candidates, but that's pretty much behind us. I'm glad to see new candidates- can't make a pipeline without 'em but I don't think the value of even pre-clinical tox and phase I is very high relative to the discounted risk adjusted earnings stream potential. There's been too much in the last few years that hits the wall in a big, ugly way in Phase III that makes coming out of this intact what I look for. But I think the market is getting jaded enough from being able to buy biotech for mezzanine pricing that it's starting to look at sales and even (GASP!) real or potential earnings. It doesn't trust small bio to be able to get things to market. ImhO.