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How to go back to Wall Street

The best advice for anyone selling products has always been to give the customers what they want. Today's customers want to know how buying stock is going to make them money, and they want to hear novel, well-differentiated stories that will fly in a managed care environment. Investors continue to harbor concerns about biotech - they are what Vector Securities International fund manager Sandra Panem describes as "unenthusiastic bulls" - and companies that want to raise money must show they are addressing the issues investors consider critical.

"Don't go out there thinking you'll sell your wares on technology and promises," said Frank Baldino, president and CEO of Cephalon Inc. "You need a complete strategy from bench to market and you need to hedge your risks against product failure."

Investors are more sophisticated than in 1991 and

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