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To: Lighthouse who wrote (206)	9/3/2002 10:29:07 PM
From: Ausdauer	Read Replies (1) of 235

Lighthouse, I believe that JNJ has set a very tough standard to beat. And when it comes to stent selection from a physician perspective I think it will be important to show equivalent results between brands before stents from different manufacturers are used interchangeably. The bare stent market allows several competitors because of a perceived equivalency of the products by interventional cardiologists. The RAVEL study that was published in June had impressive results. These included a marked reduction in the volumetric measurement of neointimal hyperphasia at 6 mos, zero percent restenosis at 6 months, no evidence of late (subacute) stent thrombosis, and zero percent target vessel revascularization at 1 year. Two key points that should be mentioned about the study include the fact that nearly one fifth of the stents implanted were 2.5 mm and the beneficial effects of rapamycin were also noted in the diabetic population. IMHO, before drug-eluting stents are deemed equivalent, clinical trials will need to show equivalency. JNJ has a set a high standard and has a big head start. GDT is making a big investment in Cook in order to try to level the playing field. At the current stock price of GDT a $3 billion dollar investment translates to about 80 million new GDT shares, a greater than 25% dilution in outstanding shares. That is a big price to pay for technology that is second to market. If the deal falls through and GDT has no drug-eluting stents to compete with JNJ it is easy to predict that it will lose substantial market share in this book of business, and quite rapidly. Aus

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