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

To: Miljenko Zuanic who wrote (288)	4/30/1999 10:27:00 PM
From: harkenman	Respond to of 3559

PNG paid @ $9.00 share. That's why I am in. Expect to reap profits in long term.

To: Miljenko Zuanic who wrote (288)	5/1/1999 12:10:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 3559

This is commitment of big 75 M!!! At the accelerated pace, starting in exactly two months. So, dear fellow investors and lurks of all kind, WHAT IS WRONG? Who the hell is selling stock at ~6???? Let's take a look at their guidance....... During the quarter, Regeneron and Procter & Gamble initiated a Phase I clinical study of AXOKINE which is being developed for the treatment of Type II diabetes in obese patients and uncomplicated obesity. Regeneron, on behalf of Amgen-Regeneron Partners, continued initial clinical studies of neurotrophin-3 (NT-3) for the treatment of constipation in patients with spinal cord injury, Parkinson's disease, and other medical conditions. Amgen-Regeneron Partners also continued to enroll patients in a multi-center clinical trial of brain-derived neurotrophic factor (BDNF) delivered intrathecally (infusion into the spinal fluid through an implanted pump) to patients with amyotrophic lateral sclerosis (ALS) and plans to begin a study of BDNF delivered subcutaneously (injection under the skin) to ALS patients later this year. Who's selling, MZ? Anyone who had hopes that the lymphokine traps or that the angiogenesis programs were part of REGN's near-term future. Isn't it oh so nice to pay for all that dead-end research? [hint... the answer is "no"] During the quarter, Regeneron and Procter & Gamble initiated a Phase I clinical study of AXOKINE which is being developed for the treatment of Type II diabetes in obese patients and uncomplicated obesity. Nice project, and it could cause the stock to skyrocket some day. However, I assign a current value of about $5. To me, it's just cash flow through the labs, keeping a dream alive. Regeneron, on behalf of Amgen-Regeneron Partners, continued initial clinical studies of neurotrophin-3 (NT-3) for the treatment of constipation in patients with spinal cord injury, Parkinson's disease, and other medical conditions. Initial, initial, initial. How about some sort of indication concerning patient accrual? Amgen-Regeneron Partners also continued to enroll patients in a multi-center clinical trial of brain-derived neurotrophic factor (BDNF) delivered intrathecally (infusion into the spinal fluid through an implanted pump) to patients with amyotrophic lateral sclerosis (ALS) How long has this trial been ongoing now? About 45 years or so? Well, it seems that way. Again, any guidance with respect to patient accrual? plans to begin a study of BDNF delivered subcutaneously (injection under the skin) to ALS patients later this year. And there you have it........ the subset analysis was pointed at in the 1996 annual report, and now we hear that Schleifer et al. are planning to launch a new trial later this year. So, what are we left with.... market cap of 183M, cash 104M. Therefore, if you add the committed 75M to the cash (ignoring discount for time), you come to about the market cap. However, since P&G needs a focus for their biological research moving forward, the infrastructure is of value to them, as are the ongoing obesity and constipation trials. So, add in the difference between shareholder equity and cash, and that adds $0.61/share. That makes fair value for P&G to be about $7.25/share, plus whatever current value they place on the clinical projects. I'll take $9/share. Truly one of biotech's biggest disappointments. Let's hope that P&G can turn things around.