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Biotech / Medical : XOMA. Bull or Bear? -- Ignore unavailable to you. Want to Upgrade?

To: mike head who wrote (9649)	4/16/1999 7:35:00 AM
From: Robert K.	Read Replies (1) \| Respond to of 17367

I have some reservations. Many potential pluses and minuses. My biggest problem with it is we basically paid for and incurred 50% of the expenses thru p2 (thru convertible at our option in 2005). So if we paid 50% thru p2 (vs 25%) then why dont we get 50% deal thru p3? Or conversely, shouldnt we have paid only 25% in p2 for this deal? Why did we pay 50% to get a 25% payment? Now on the other hand we have 4-5 deals done with gne, they are proximal, and they have bpi experience themselves. I cant help but think there is something else coming (bpi or other) which factored in this deal somehow. Also note the other payments are undisclosed royalty amounts, and royalties (if they occur) with be tax free for us in bermuda. Also we dont know who is responsible for what in p3? Lots of questions, no real answers. On another note, I really like the hu1124 product, but its not my reason for investing in xoma. I am keeping that in mind. All disclaimers apply as always. Standard K.

To: mike head who wrote (9649)	4/16/1999 10:15:00 AM
From: aknahow	Read Replies (1) \| Respond to of 17367

Mike I also see it as a CRO position, but like it. I am impressed with the XOMA humanization patents and would like to find out if I should be. I don't have the knowledge to understand if they represent something that will lead to a major change in how Mabs are produced. I have asked on the PDLI board but did not get a response on the issue. I like PDLI but would think the XOMA technology is a potential threat to them. BTW I believe the Castello presentation must not have said anything new or exciting given the performance of the stock today. so much for great expectations.<g>