Biotech Values

[DewDiligence]

From the ANDS board on SI:

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Posted by: DewDiligence_on_SI
9/30/2006 Msg #11
In reply to: Mike McFarland who wrote msg #10

>I saw your post over on Yahoo Dew--that's an awfully dirty way to play poker. State the facts and your opinion, Dew wrote "This company has become the laughing stock of the antiviral arena." Talk about cheap shots!<

Cheap shot or accurate shot?

Let’s recap:

1. The CEO announces his departure and says it has nothing to do with any problems with the company or its pipeline.

2. Two weeks later, the company reveals that its lead drug has safety problems.

3. The CEO’s buddy and CoB George Scangos tells investors with a straight face that these two incidents were unrelated. (But not to worry: Mike McF says ANDS has “an outstanding board of directors.”)

4. NVS inks a deal with HGSI for Albuferon.

5. ANA975 is now back in preclinical development but ANDS didn’t see fit to issue a PR. Nah, they figured they could satisfy the disclosure requirements by posting some blurb on the company website that maybe no one would notice. (Alas, Mike McF did notice—good catch.)

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If anything, I’d say laughing stock of the antiviral arena (my words) may be an understatement.
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