stockbroker recommendation

Baker Young had spec buy on avx in Adelaides Sunday Mail as follows;

"Avexa completed a $7m institutional capital raising at 14c per share to strengthen its balance sheet prior to its recently closed Ph3ATC 24 week program results of which are due for release in 1Q 2010. These results will be significent for the groups ongoing discussions with possible licensees. At that time we also expect Tibotec (a division of J & J) to make a decsion around licensing an earlier stage integrase program (which inhibits the spread of HIV virus) with Avexa."

It is good to see the buy recommendation even if some of the information is not exactly correct. The fact is the Tibotec deal is being finalised with the J & J legal department and we will see the announcement as soon as they have completed the agreement.J & J have retrenched approx 6000 positions in research and devlopemnt in favour of outsourcing and this agreement is a result of that strategy.