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With the recent massacre of biotech stocks, it is surprising to find a biotech that is currently trading less than a $1.00 from its 52 week high. However, that is the case for Allos(ALTH). Allos is a biotech that apparently has a nice cash position(approximately $72 million)and a drug in Phase III trials. Their closest competitor was (PCYC), but in recent trials their drug didn't meet the end point of the study, thus it leaves Allos in the driver's seat to address this critical cancer treatment need. The following is information on this company and any discussion will be appreciated. I do hold a small position in the stock: Cash, cash equivalents, short-term investments and long-term marketable securities as of June 30, 2002 were $73.6 million. Second Quarter Highlights: -- An independent Data Safety Monitoring Committee (DSMC) performed a formal interim analysis for efficacy and recommended that the Company's pivotal Phase 3 study of RSR13 (efaproxiral) for the treatment of patients with brain metastases be continued. This also represented the fourth time the DSMC had reviewed the data for safety. Patient accrual during the second quarter was strong; as a result, the Company now anticipates that it will complete enrollment in the third quarter of 2002. -- Phase 2 non-small cell lung cancer survival data was presented in a poster presentation at the 38th Meeting of The American Society of Clinical Oncology (ASCO). The updated study, with a median follow up of 22.9 months, showed median survival results of 20.6 months. The relevant comparison group for this study (LAMP ACR 427:Arm I) showed 13.0 months for the identical treatment regimen, minus RSR13. -- Meetings were held with select EU regulatory agencies regarding the submission of an MAA (Marketing Authorization Application) for the approval of RSR13 for the treatment of brain metastases and to discuss a planned Phase 3 trial of RSR13 for the treatment of non-small cell lung cancer. -- Michael D. Casey was elected to the Company's Board of Directors and the Audit Committee of the Board of Directors. Mr. Casey recently spent four years as president, chief executive officer and chairman of Matrix Pharmaceutical, Inc. Before that, he spent 25 years with Johnson & Johnson. The Company believes that Mr. Casey's background and experience help guide the Company as it enters the commercialization phase of the development of RSR13. -- The Company completed a private placement of 2,500,000 shares of common stock to Perseus-Soros BioPharmaceutical Fund, L.P. for aggregate gross proceeds of $15 million. The proceeds will be used to fund future clinical development and commercialization of RSR13 and BGP-15, a compound that was in-licensed in March 2002. -- The Company was added to the Russell 3000(R) Index of publicly traded companies. | ||||||||||||||
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