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Thanks again for your reply. I actually quite liked what ARIA does. They have 3 stated areas of research interest: regulated gene expression, signal transduction inhibition, and functional genomics. Only in the latter area are there a number of competitors. The first two seem to be relatively novel areas with potential wide applicability. My main concern is that around Oct 99, they were basically out of money (in fact they were at risk of defaulting iminently), until Hoechst Marion Roussel gave them 40 million dollars in exchange for what sounds like a 50% interest. This cash infusion is expected to last them through 2001.

One worries that despite the 'neat' technology that the lack of financial management may be a concern - maybe.

I haven't yet looked at IMGN, but seem to recall having heard something about eradication of colon cancer cells. I think that there is a company MYGN (Myriad Genetics) that actually already has a drug target for colon cancer and a number of alliances with large pharmas). I would be a bit concerned that there may be competition ahead of the game. Again, I'd be intersted in your take on this. It's nice to be able to bounce ideas off of other interested investors with medical expertise.

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