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  • Phophet2020 Phophet2020 Feb 10, 1999 2:02 PM Flag



    I have three issues:

    1. BTG
    has a website which is under-developed and not
    updated often enough.

    Product info - The only
    product information on the site from a patient\doctor
    perspective is Oxandrin. If the Internet is used by nearly
    everyone these days for information, what a great way to
    get product information out to the medical community.

    Finance info - For your poor shareholders (and future
    shareholders, we hope) you must keep the information you are
    showing (i.e. September 1998) up to date. Additionally,
    you can post news releases on the Website and store
    them for historical purposes.

    Leah, look to
    other public company websites and copy them.

    Coverage by Merrill Lynch

    ML carries BTG as a
    company in an emerging market - Isreal. The headquarters
    is in New Jersey, the stock is not an ADR and over
    60% of the sales are in the U.S. What are we? Please
    get this changed.

    3. Description of our
    financial results in patent press release

    product sales and diluted earnings per share for 1998
    were $68.2 million, and $0.36,

    This statement does not do us justice. Does the public
    know we have $50 million shares outstanding? No, then
    put down the $ figure along with the EPS. Do they
    know our our total revenues?
    Put dwon the total not
    just product sales. I think you get the

    Am I off the wall? Do others agree with me? These
    things seem like no brainers to me. What else are we

    P.S. I am in the no buy back camp. What I would like
    to see is heavy buying from management - put your
    own money on the line. Stock options outstanding are
    nice, but put new money out if BTG is a really a buy.

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    • merci
      toda raba
      than you

    • Hello to all,

      Based upon the current
      messages about Unimed, it is encouraging to see the level
      of value that BTG can buy for the Company. I won't
      even speculate if Unimed is the best company\product
      we can buy, but I am pumped about our prospects.
      From what I have read in the Wall Street Journal and
      other publications, there are a number of companies,
      like Unimed, that are under-valued and in need of

      Please do not misread Sim Fass, I do not
      believe he is not a risk taker. I think he is like a
      chess player who calculates every move and thinks four
      or five moves ahead. This is my take.

      I read
      a number of message boards daily and I would like
      to thank everyone for their great comments and

      Good luck!

    • speaking of personnel, do we know something of
      the VP for Business Development, who "will seek out
      new business opportunities to build on the already
      strong foundations of the company" end of quote from 3ed
      Qtr report.

    • Thanks for the compliment. My understanding is
      that the gel is absorbed in moments and does not
      provide a problem for the partner or the man's clothing.
      Remember this is once per day application and probably in
      the morning after a shower.
      The topic of the
      prostate friendly testosterone gets a little complicated.
      I'm not sure I understand it but I'll give it a try.
      When testosterone is given it is metabolized in the
      body to dihydrotestosterone and estrogen. It is
      believed that it is the estrogen that makes the prostate
      grow. Unimed's other testosterone is
      dihydrotestosterone. When it is given there should be no estrogen
      produced. Therefore it will have the same beneficial
      effects as testosterone without the possible negative
      effects on the prostate. Of course, this needs to be
      proven in clinical trials but it's based on pretty good
      science. Besides, this product has been on the market in
      France for over ten years without any evidence of bad
      effects. It is very relevant that a patent recently issued
      that covers the use of this other testosterone to
      protect the prostate.
      In terms of Marinol for
      Alzheimer's, there may be other products available but most
      cause sedation which is not necessarily preferred.
      Marinol may have another effect and that is to increase
      appetite in these patients. Remember that is the current
      approved use. In terms of any of these products, it is the
      rare product that has no competition. The beauty of
      the pharmaceutical business is that there is room for
      many products and each one can do well. Remember that
      for Unimed or BTG a $25.0-$50.0 million product may
      be considered to be a triple if not a homerun.

      The real problem here has been posted on other recent
      messages. That is that BTG is not aggressive enough in
      their pursuit of opportunities and that Unimed is
      weighed done by Kapor. Logic says that if BTG were to
      make an offer to the Unimed board they would have to
      respond seriously. BTG may be looking at other deals but
      it's hard to imagine one that looks as good and makes
      as much sense as Unimed.
      There is one factor
      that can't be argued. Unimed had sales in 1998 of
      $15.9 million up from $8.0 million in 1997. Gross
      profit was $11.8 million which mostly would fall to
      BTG's bottom line since most was overhead that could be
      elliminated in a merger. Based on sales and cash alone Unimed
      is worth more than $85.0 million and the pipeline of
      testosterone products would come for free. Based on a P/E
      ratio of even only 20X one could argue Unimed is worth
      about $200.0 million to BTG. Unimed is looking more and
      more like a buy at its current price.

    • My contacts also say that Dudley and Fass have a
      great deal of respect for one another. They would make
      a formidable management team if together again.
      Agree Kapur is the real key. Time for Sim to get tough
      but not unless he's ready to pay a fair price for
      Unimed or get aggressive. As for Kapur, even if on new
      board, he won't be Chairman so will only have a single
      vote and no room to wiggle -- so who cares.

    • your points are well taken. nice post. Still,
      unless the unimed gel absorbs very quickly, it may not
      be a very user-friendly formulation. I would
      question Dudley's suggestion that they may have a more
      prostate friendly replacement therapy; it is still
      testosterone, and achieving therapeutic levels of testosterone
      will have the same effects regardless of the delivery.
      Unless they have some follow-up drug analogous to
      testosterone but without prostate effects. Hard to imagine
      something with anabolic/androgenic effects (via receptor
      sites) that doesn't also act on those same receptors in
      the prostate.

      As for treatment of agitation
      with marinol, there are already drugs (e.g., haldol)
      indicated for that problem, which means competition. Since
      marinol would be treating, presumably, only the
      agitation, the market shrinks to only those with significant
      agitation. They certainly don't have a real treatment for
      alzeihmer's. That's where the big market is.

      your points about product synergies and the related
      marketing efficiencies might make a BTGC/UNIMED bigger than
      the two individually.

    • While my BTG insider tells me Dudley left BTG on
      fine terms with Fass, it doesn't matter. Dudley (I can
      see the strings) calls none of the shots, while Kapur
      and his lackey Board calls all of them. Unimed does
      make great sense for "our little BTG", but Simbo needs
      to take off the gloves and get tough (skip Dudley
      and go right to Kapur - he's the decision maker). One
      problem if Fass does pull this off. Do we get stuck with
      Kapur on our board of directors?

    • Well, Gynex and Bio-Cardia have also been taken
      out. Unfortunately i dont know too much about the
      circumstances, but it had to happen with at least Fass' consent,
      even if he was not catalyst.

      let me also repeat
      djk69 s question:
      did Fass and Dudley split on good

    • Another great post. I think you may have a better
      idea of why I do not bother anymore A little knowledge
      can indeed be dangerous. (For fairness sake, the
      T-gels compounded in some pharmacies are generally
      recommended to be rubbed onto the old sack)
      Anyway, the
      only thing I would like to add to your post relates to
      the following statement

      <I agree that
      Marinol and Oxandrin are extemely different but that is
      the beauty of combining them in one company. Let the
      doctor decide which one to use. Either way BTG would
      benefit if BTG owned both drugs. >

      statement, but to the "Let the doctor decide which one to
      use." you make it sound like they have to choose
      between one or the other. Many times an anabolic and
      Marinol are combined in the same treatment regime.

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