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To: Ian@SI who wrote (37794)	2/9/2012 8:41:22 PM
From: Arthur Radley	of 40323

This PR tonight is like the guy finding out his wife had filed for divorce is when he saw it in the local paper--one would have thought that Genzyme could have at least sent them a Valentine's Day card before the breakup. COLUMBIA, Md.--(BUSINESS WIRE)-- Osiris Therapeutics, Inc. (NASDAQ: OSIR - News), today provided an update on the status of the development and commercialization agreement with Genzyme, a Sanofi company. On Wednesday, February 8, 2012, Sanofi issued a press release, which included an update on their R&D pipeline, stating that it has "discontinued" its project with Prochymal for graft versus host disease. The statement issued by Sanofi was made without consultation with or knowledge of Osiris. Osiris has not received any notification from Sanofi regarding the discontinuation of the agreement in place between the two companies.

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To: Biomaven who wrote (37801)	2/11/2012 10:12:20 AM
From: IRWIN JAMES FRANKEL	of 40323

>> Housing is stabilizing, and so we might see some increased construction activity given the continued low interest rates. That's currently the missing link in the recovery. Bernanke offered suggestions to help clear the housing glut in a white paper: federalreserve.gov Bernanke has the problem right (as usual). Excess inventory, limited credit availability, and constraints to the foreclosure process. (Points 2 and 3 are being made worse by the populist driven folly of AG's going after technical details of the FC process like robo signing. Collecting from those who incur debts is becoming much more difficult and costly. Ultimately, credit will be limited to those most likely to voluntarily repay. Largely the poorer class will be denied credit which will constrain recovery.) Bernanke has the solution to the problem right (as usual). :-) Slow properties coming on the market, improve credit availability (GSE's are making the problem worse) to those worthy (the 620+ FICO class), and create climate for new owner/renters (REO to rental). Considering the regular grilling that Congress gives Bernanke (or any Fed Chair) the reaction (who the hell is he to tell us what to do) to the white paper would be amusing but for the fact it is another indication of policy deafness by Congress. The white paper is worth reading for those interested. ij

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To: IRWIN JAMES FRANKEL who wrote (37796)	2/11/2012 10:22:16 AM
From: IRWIN JAMES FRANKEL	of 40323

More on PSEC I did some more work on PSEC. Still looks very good to me. They are now underdistributing even with the Y at 11.4%. At some point BDC's must fully distribute which looks like it would push the Y north of 14% IF returns continue (based on 10.82 price). The risk is that a lot of loans made are new and early failures may change the trajectory. Despite that management of PSEC has proven astute at managing problem loans (they have had quite a few). The PCAP purchase proved a huge windfall - another indication of the skill of current management. The monthly payout is a plus IMO. This looks superior to getting 4% on a utility, industrial, or 3% on a treasury. :-) ij

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