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Told You So....

Executive Summary

Protein Design Labs' announcement that it would discontinue trials of its antibody Zenapax against psoriasis was no surprise to SG Cowen analyst Bill Tanner, who'd reported at the end of February that clinicians involved in testing weren't very enthusiastic about it. Tanner may have been bloodied by criticism that his report was based on data that could not be statistically significant--but he remained unbowed. PDL's news reaffirmed his belief that analysts need to do fundamental research and talk to clinicians, instead of simply believing everything a company says.

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