Biotech Values

[10nisman]

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GENR initiated at WR Hambrecht with Buy and $9 target 4.30: WR Hambrecht initiates coverage of Genaera with a Buy and 12-mo price target of $9. The firm says Genaera possesses a diverse and still undervalued pipeline of proprietary drug candidates. Most important for value creation is its Phase I/II drug, Squalamine, for the treatment of age-related macular degeneration (AMD) and, potentially, cancer. This anti-angiogenic drug has demonstrated safety and efficacy in treating wet AMD, and is likely to attract a lucrative pharmaceutical partnership in the near term. Squalamine is one of the only drugs for AMD that can be administered systemically rather than by injection in the eye. This competitive feature makes this product attractive despite its forecast late entrance to the market. The firm expects its IL-9 antibody for asthma to gain greater visibility as its partner, MedImmune, advances it in early stage clinical studies in 2004.