http://www.hardmanandco.com/Research/Alliance_June2005.pdf


Web Site : http://www.alliancepharma.co.uk

http://www.hemscott.com/hstoday/Focus_2005/Alliance%20Pharma_1205_2005.htm

Hardmans late June 2005 update

Fair value at 30p

http://www.hardmanandco.com/Research/Alliance_June2005.pdf

PpP: I see our favourite pharma's continue to storm uphill and thanks to a takeover rumour today, ELA takes the lead. Nice to see some splashes of blue inside, with the bluebells outside.
sd.

Read this today squidd

One top market analyst turns bullish on the undervalued shares of major pharmaceutical companies.

NEW YORK May 10th 2005 - Among the important market analysts I follow, Steve Leuthold is one of the best. His Leuthold Group does extensive historical analysis of the stock and bond markets chiefly for institutional investors.
The firm maintains a managed model stock portfolio that is conservative and value-oriented. Moreover, the portfolio mix changes only slightly from month to month. So when Leuthold makes a major move, it's worth taking seriously.
As of May, the Leuthold Group has added the major pharmaceuticals group to its model portfolio. The big drug stocks were last rated Attractive by the firm in June 2003.
The firm's analysts have been intrigued by the beatings that big pharmaceutical companies took during the past several months, says Leuthold, and were waiting for this down and out group to reach attractive valuation levels again.
The big drug stocks currently trade at price/earnings ratios of 14 to 21, based on estimated 2005 earnings, and yield from 2 percent to 4.4 percent. By comparison, the average blue chip now trades at a 17 P/E, and the S&P 500 yields only 1.9 percent.
This portfolio adjustment is just the latest increase in the Leuthold Group's broader commitment to health care. The firm's core portfolio now has a 26 percent allocation to health care, while that sector accounts for less than 14 percent of the S&P 500's market cap.

More good news squidd

Alliance Pharma PLC
11 May 2005


For Immediate Release 11 May 2005




Alliance Pharma Plc

Notification of Major Interests in Shares

Nigel Wray acquires additional shares in Alliance Pharma



On 5 May 2005, the company was notified by Nigel Wray that he has purchased an
additional 700,000 shares in the company bringing his total holdings in Alliance
Pharma to 6,355,407 ordinary shares or 4.31% of the issued share capital.


-ENDS-

PpP: Thanks for this. Obviously, Nigel doesn't share my concerns about the big picture and this is highly encouraging. I'm clearing out some dogs from my portfolio at present and will look again in a few days.
sd.

Squidd here we go.


Alliance Pharma PLC
12 May 2005
For Immediate Release 12 May 2005

ALLIANCE PHARMA PLC

('Alliance Pharma' or 'the Company')

Preliminary Results for the year ended 28 February 2005



Alliance Pharma plc (AIM: APH), an emerging speciality pharmaceutical company,
is pleased to announce its preliminary results for the year ended 28 February
2005. These are the Company's first full year results as a listed company,
following the Company's admission to AIM in December 2003.

Financial Highlights


Turnover increased 13% to 11.8 million (2004: 10.4m) - the full year
impact of two product acquisitions in November 2004, Periostat(R) and
Forceval(R), would show an annualised turnover of 15m

Gross margin improved to 52.4% (2004: 48.4%)

Adjusted EBAT (earnings before exceptional items, amortisation and
tax) of 0.645 million (2004: 1.21m) - the decrease largely reflecting the
investment in infrastructure and the marketing expenditure associated with
current and pipeline products

Profit before tax of 0.418 million (2004: loss of 2.15m)

Operating cashflow remains strong at 1.59 million (2004: 2.11m)

Adjusted earnings per share 0.52p (2004: 1.18p)

Basic earnings per share 0.34p (2004: loss per share of 2.44p)


Operational Highlights

Continued strong sales growth of Symmetrel(R)and Nu-Seals(R)

Acquisition of Periostat and Forceval in November 2004

Regulatory approval anticipated imminently to begin clinical trials of
Posidorm(TM), melatonin in sleep disorders

Start of Phase III clinical trials in January 2005 of APL 202
misoprostol for the induction of labour

Launch of International division to drive overseas sales through
out-licensing and distributors

Co-promotion agreement signed with OralDent Ltd for the UK marketing
and distribution of Periostat(R), a prescription medicine for the treatment
of the severe gum disease periodontitis


Commenting on the results, John Dawson, Alliance Pharma's Chief Executive, said:
'These results underline the robustness of Alliance Pharma's business model, in
which the cashflow from our marketed products supports the development of our
clinical pipeline. We will shortly commence the trial programme leading to
registration for our product Posidorm(TM) for sleep disorders, which seeks to
address a market that is currently at 0.5bn but which is expected to treble in
the next decade.'

For further information:

Alliance Pharma plc + 44 (0) 1249 466966
John Dawson, Chief Executive
Maddy Scott, Finance Director

www.alliancepharma.co.uk

squidd another potential one to add to the recovery pipeline is Kuju (KUJ) who have done their changes some time ago and with some excellent recent contract news which should grow with E3 not far away. They also I hope should be returning to profits in the results due not so far in the future with their new set up and working method allowing profitable growth and a confident outlook statement.

Been noticing that some shorters are working on some sites to slag off companies like OSH APH VLK this is a good sign as they are trying it on with the general weakness hoping to bring the price down so they can then go long over the summer and autumn. Hitting the shares that are already priced down on previous old bad news is easy and often they post no facts or just old news but I think they might fail as people can see the return well underway to better times ahead.

ELA still looking good.

Have you looked at UNG ? its been hit and things are very positive for the future and the price to book value is well under 1

squidd there is more good news here too as well as UNG;

Alliance Pharma PLC
16 May 2005
For Immediate Release 16 May 2005



ALLIANCE PHARMA PLC

('Alliance Pharma' or 'the Company')

Director's Share Dealing

Alliance Pharma plc (AIM: APH), an emerging speciality pharmaceutical company,
is pleased to announce that Michael Gatenby, Chairman of Alliance Pharma plc,
purchased 50,000 shares at 14.45p, bringing his total in the company to 130,000
shares which represents 0.088% of the total issued share capital.

For further information:

Alliance Pharma plc + 44 (0) 1249 466966
John Dawson, Chief Executive
Maddy Scott, Finance Director

www.alliancepharma.co.uk

PpP: A bottom fisher's dream. Fall off cliff - 4 years floundering in the depths - solid looking base at all time low - director's buy. Precisely my kind of share.
Thanks also for exciting news on ICN and on UNG. Took fright when I first read the latter, I thought it said 'buy stanelco', but with the right glasses on it said 'buy' stance.
Noticed the splashes of blue on the PpP portfolio today. Keep it up.
sd.

squidd a little more news on APH. I think the shorters in VLK have now gone as well as from APH by the looks of the sells on the way up but I think someone still trying to short OSH down further but the buys yesterday might firm it up as its so cheap already with news in June its going to get more buyers.


Alliance Pharma PLC
17 May 2005

Alliance Pharma Plc

Notification of Major Interests in Shares

On 11 May 2005, the company was notified by RAB Capital that they have an
interest in 13,018,399 shares of the company, representing 8.83% of the issued
share capital.

RAB Capital does not act as custodian for its clients and therefore the shares
are held in the nominee name of the custodian of its clients, which are CSFB
Nominees Ltd and Morgan Stanley & Co. International Ltd.

-ENDS-

PpP: Have followed ch M.G. Tues am and bought 50K at the same price 14.45, getting inside the spread with comdirect in time to catch the pm rise. Funded this with sale of ORCA, an impulse buy earlier in the year and one of few non-recovery stocks in my portfolio, all of which leaves my cash pile intact. All looking good with APH, particularly the OBV, not that I take too much notice of it, but it seems to impress my TA friends.
Added PCM to my watch list last week, and this enjoyed staggering volumes yesterday - perhaps another asian tiger awaking?
And the PpP portfolio continues upwards.
sd.

squidd will take a look at PCM I am hoping for more good things from APH maybe another director buy maybe and I think the shorter left yesterday by the large sells on the rise which should mean its able to go up more freely now. Some good news flow from KUJ this week although I know its not one to excite you.

squidd PCM looks very interesting and heavy volumes. I have just put a thread in for HML as they got a write up today as speculative buy and well bottomed at the moment, all is good on the APH front.

squidd here is the Hardman May update;

From Hardmans monthly review for May 2005;

ALLIANCE PHARMA
Alliance Pharma announced its full year results on 12th May. There were few surprises following the preclose update given just over a month ago. Prior to the release of the results Alliance had confirmed that
it has signed a deal with OralDent Ltd, a privately owned dental products company, to co-promote Alliances Periostat treatemnt for the gum
disease periodontitis. In October last year Alliance acquired the marketing rights for Periostat in the EU, Australia, South Africa and New Zealand from the US group CollaGenex Inc,for a total cost of 1.85m.
Periostat is not protected by patents in the UK and Europe but a data exclusivity agreement provides protection against generic competition until
2010. Under the new deal Oraldent will promote Periostat to UK dentists via a field sales force, a telesales operation and an internet portal. Alliance will
recognise these sales and pay Oraldent sales-based royalties on a sliding scale between 5% and 15%.
At present Periostat is only prescribed in the UK to 6000 patients (0.2% of the potential prescribing opportunities). Given a focused marketing
campaign there is clearly scope to grow this amount. It is noteworthy that in the US sales of Periostat have almost tripled to around $45m a year since 1999.
In a separate development Alliance last month appointed Glynys Davies to head the companys new Dental Products Division (which will promote
Periostat and other products). Glynys Davies has held senior marketing positions with the leading dental product company Dentsply and dental
implants specialist 3i Implant Innovations.
Alliance has also appointed Alexander Scholtens Weert head of the companys new International Division. Mr Scholtens Weert has held marketing positions at Eli Lilly and Roche and was marketing director of Europe, Africa and the Middle East at the medical devices company MinMed. Alliances new International
Division will promote overseas sales of Periostat and Forceval.

Some buyers returning today squidd might mean some news soon.

PpP: Thanks for APH newsflow. Is there a dental bias in your outlook?
ELA is back on track, with some catching up to do, but I remain hopeful. Had a look at CCN again, it used to be on my recovery watchlist from the ASOS challenge days, but I think I was right to delete it; purely from the chart point of view it doesn't for me hold the recovery attractions of ULT or PCM. The latter also has dentistry products.
sd.

squidd another move up today for APH. I am getting excited about Wednesday with OSH results and am hoping for news that the restructuring is all but finished and now very positive looking forward with more profit and more money available to grow the business.
News on the dental drug Periostat would be good for APH as this is going to be a massive revenue earner for APH but any other trial type news would be good or Nigel Wray buying more and more. Dental things to me seems good as it does not matter what the price of oil is and its a growing business.

PpP: Nice to see the blue ink around the portfolio. My front runner is now CSB, I'm adding to this and also ULT and PCM.
sd.

squidd nice to see the buying continue on APH and a good 100K buy at the end of yesterday.

PpP: My chartist friend tells me that the recent 25 - 65 MA cross on APH is a significant event that may point to an upward breakout. It coincides with your encouraging news, so here's hoping.
sd.

squidd it looks like another up day today !!