Biotech Values

[DewDiligence]

Re: GTCB CC:

>> I am a bit surprised at the reaction with stock price up about 7%. I was expecting a dip and buying opportunity by reading into the PR that another stock offering is very likely in first half of 2005 in order to launch ATryn. <<

I thought the CC was neutral rather than positive. There were some new buy-side people on the call, however, and that was a good sign.

I’m not as concerned as you are about the likelihood of financing in 2005. Any positive news from the EMEA should allow financing on much more attractive terms than in the recent past.

>> I expect the next newsworthy item will be announcing ATryn partner (without financial details) in December. <<

I hope they get a single deal with a “pan-European” partner (e.g. NVS, Roche, SRA, GENZ) rather than several small country-specific deals. I would consider the latter outcome a major disappointment.

>> I liked your question, BTW. <<

I wasn’t fully satisfied with the answer and I intend to follow up.