isis webcast worth checking, page-5

It is a great presentation and certainly worth checking out. ISIS are looking positioned for strong growth in the short-mid term. They have recently added over 300 million to their market cap and i can’t see the trend slowing anytime soon – it appears the pressure the board are under from major stakeholders concerned of a possible hostile takeover looming has taken effect... will also be the reason why we’re seeing all these presentations to goldmansachs etc trying to get their story out there and educate the investment community. Now that they have the ball rolling in this area it should start to get interesting for all involved including satellite partners such as ANP. With ISIS rapidly growing and ANP ticking boxes it can only get even better really.

Of note in the presentation were the 14 pipeline drugs that have shown great success early and that ISIS are most proud of two of which are 1102 & 1103. They made mention that for shareholders value adding would first come through mipomersen growth and secondly through partnering the up and coming drugs at 3-5 per year. Also stated was that partnering values after PII data (like with mipomersen) would be of a higher value than what Genzyme paid. So the upfront payment of 350 million dollars with milestone payments and free carrying trials will be small in compassion to what a JV will be worth to ANP in the case of ATL1103 strictly by the target market size and potential for growth.

If we can hold off from an early tie-in until we have successful PII data in early 2013 we could easily be looking at a deal worth half a billion dollars to ANP... and that would see the value of ANP sit around the 50c-$1 mark on ATL1103 alone. Fact is that as antisense drugs continue increase in value a blockbuster deal sized multiples of our current MC is much more than just a mere possibility but is the most likely outcome.

Load up and go long!


JMO, Good Luck!