another bull announcement, page-2

The market is a constant surprise package.
An investor could have been forgiven for thinking that
yesterday's announcement from PHARMANET (PNO) would attract some buying
interest, particularly as the whole market was up.
But PharmaNet fell 0.1c to 2.7c in minuscule trading.
The day had started for the company with news that it received
notice from its US subsidiary, Molecular Pharmacology, that
"independent, replicated and multi-centred in-vitro studies had shown
that the anti-cytokine drug, MPL-104, which it had licensed from
PharmaNet's wholly owned subsidiary Cambridge Scientific, potently
inhibits the secretion of TNF-alpha in inflammatory conditions.
"The secretion of the cytokine TNF-alpha underlies a range of
debilitating inflammatory diseases such as rheumatoid arthritis, lupus,
Crohn's disease, psoriasis, and ankylosing spondylitis, and is
considered to be the main factor in driving inflammation."
Maybe this prose was too dense for traders but we suspect it
said its anti-inflammatory drug appeared to be working.
And as PharmaNet also pointed out, it's a big market - $4.6
billion in 2005 and heading for more than $10 billion by 2015.