Investing in eXegenics: Dr. Frost Continues His Streak

Mar.29.07 | About: OPKO Health, (OPK)

Back in February, I recommended investing in Continucare (NYSE:CNU) after doctor Phillip Frost, founder of Ivax Corporation, purchased shares of the healthcare company.

I also explained how it seemed that anything Dr. Frost touches turns into gold. His large purchase of shares of Ladenburg Thalmann Financial Services Inc (NYSEMKT:LTS) catapulted the stock to multiple returns, and I continue to hold shares in LTS.

Just last Thursday, March 22nd, Dr.Frost and his group purchased controlling shares of Getting Ready Corporation (OTC:GTRY) at around $1.25 a share. The stock ended trading on Tuesday at $2.99 a share!

Yesterday, eXegenics (EXEG.OB), which Dr. Frost and his investment group invested in recently, announced that the empty shell company has agreed to merge with two eye disease biotech firms, and form a new company called Opko Corporation. Opko will be headquartered in Miami, Dr. Frost's business stronghold, and will utilize Acuity Pharmaceuticals and Froptix Corporation's novel eye disease drug programs.

Acuity holds the rights to a drug that successfully completed Phase II clinical trials for wet age-related macular degeneration and diabetic macular edema.

Froptix has a number of drug candidates in preclinical development to treat dry age-related macular degeneration and other ophthalmic diseases. The company also intends to develop complimentary diagnostic tools.

Both companies were privately held.

What really was interesting in Exegenics' press release yesterday was this statement, "...intends to apply to have its shares listed on the American Stock Exchange." Shares of Exegenics closed Tuesday's trading session at $3.28 a share, after closing at $2.52 the day before. I purchased shares at $1.95 shortly after the closing of Dr. Frost's purchase a couple of months ago.

Here are some stocks that Dr. Frost has purchased shares of which I do not hold in my portfolio:

Non-Invasive Monitoring Systems Inc.
(OTCPK:NIMU)

Castle Brands
(NYSEMKT:ROX)

Cellular Technical Services Co.
(CTSC.OB)

Getting Ready Corporation
(OTC:GTRY)

Disclosure:
Here are Dr. Frost stocks I do hold:

LTS
bought= $1.09
high= $3.74

CNU
bought= $3.03
high= $3.69

EXEG.OB
bought= $1.95
high= $3.29