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This is a Canadian company testing an angiogenisis inhibitor (A.E. 941) derived from shark cartiliage. They are about to enter phase 3 trials in both oncology (non-small cell lung cancer) and dermatology (for psoriasis). They have also done early trials in opthalmology (age related macular degeneration). The oncology trial is partly funded by the U.S. National Cancer Institute. I believe it is fairly rare for the NCI to fund a late stage trial by a foreign company. It is expected that the NCI expense will exceed $10 million. The company also has a cosmetics and nutrition division which generates some cash. At June 30, 1999, they had approximately 23 million dollars in cash and 25 million shares outstanding. The shares trade on the Montreal exchange under the symbol AEL. They are also listed on Toronto but almost no trading takes place there. The companies web site is aeterna.com. The current price is about 5.30. Groome capital recently did a report with a 12 month target price of 11.00 (http://www.groomecapital.com ). Desjardins Securities has a 12 to 18 month target of 9.80. The company is now actively seeking a marketing partner. | ||||||||||||
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