When D. Blech & Co., of New York, ceased tradingactivities Sept. 22, 1994, stocks of companies associatedwith the firm or its chairman, David Blech, plummeted anaverage 39 percent in two days.
Some companies have since rallied, including three ofnine biotechnology firms in which Blech or members ofhis family still hold shares.
In February 1995, Blech relinquished control of shares inthose nine companies and others to the BiotechnologyInvestment Group L.L.C. (BIG), which he formed in anattempt to settle huge debts with one major creditor,Citibank's Private Bank in New York.
Blech transferred $15 million worth of stock in a total of12 public and eight private companies to BIG, which ismanaged by Schroder Venture Advisors Inc., ofStamford, Conn.
The nine biotechnology firms in the group are LXRBiotechnology Inc., of Richmond, Calif.; MicroprobeCorp., of Bothell, Wash.; Interferon Sciences Inc., ofNew Brunswick, N.J.; GeneMedicine, of Houston;Neoprobe Corp., of Columbus, Ohio; Envirogen Inc., ofLawrenceville, N.J.; Pharmos Corp., of New York; Bio-Technology General Corp., of New York; and TexasBiotechnology Corp., of Houston.
Neoprobe has jumped 340 percent since Sept. 23, 1994,and GeneMedicine is up 97 percent. Among other Blech-associated companies HemaSure Inc., of Marlborough,Mass., has increased 250 percent and GuilfordPharmaceuticals Inc., of Baltimore, Md., rallied 191percent. _ Charles Craig
La Jolla Pharm2.8754.00039%
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