RNVS UPGRADED BY MAXIM. Briefing.com - April 11, 2007 9:51 AM ET
Maxim Group upgrades Sell to Buy. Target $3 to $6. Maxim upgrades RNVS to Buy from Hold and raises their tgt to $6 from $3 noting RNVS announced yesterday morning that Pfizer (PFE), its partner for the VR1 program, has decided to exercise its options by extending the research collaboration by one more year and maintaining research funding at the same level for the 3rd year as it was for the first 2 years (versus reducing it by 30%, according to the original agreement). The firm says in addition to the first VR1 antagonist that is scheduled to move into phase I by 2H07, they expect that RNVS/PFE will potentially advance additional follow-on VR1 antagonists into phase I before the end of 1H08."
