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

To: QuietWon who wrote (851)	5/21/1999 3:32:00 AM
From: Claude Robitaille	Read Replies (1) \| Respond to of 2344

Merrill Upgrade in February 1999 Merrill upgraded BIOM in November... Just in case this was not posted here. 12 Month Price Objective: C$10.00/US$6.50 Bloomberg / Reuters: / We are upgrading Biomira's shares to intermediate-term Buy and long-term Accumulate. · The company's lead cancer vaccine, Theratope for treating breast cancer, is in Phase III testing with partner Chiron. While we continue to believe that development of this vaccine is high-risk the market size is large — it could potentially generate several hundred million dollars in sales. · Finally, Biomira has a cancer vaccine pipeline that is advancing. Its second-generation cancer vaccine, BLP-25, has completed Phase I testing for the treatment of lung cancer — we expect these results in Q1 '99. The other second-generation vaccine, for treating B-cell lymphoma, is expected to enter Phase I trials in H1 '99. · Genentech's sales of Herceptin were US$30.5 million for Q4 '98 — off to a good start, considering the product was launched on October 5, 1998. We would use Herceptin as a comparable drug to Theratope, since it is approved for the treatment of breast cancer. · Our new price objective is based on discounting our 2003 EPS estimates of $0.83 back by 35% and applying a multiple of 35x. 1 February 1999 André Uddin, Ph.D. Senior Analyst Biomira Inc. New Vaccines Move Forward — Raising Price Objective and Rating BUY Long Term ACCUMULATE Reason for Report: Opinion Change Merrill Lynch & Co. Global Securities Research & Economics Group Global Fundamental Equity Research Department