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Biotech / Medical : Spine-Tech (SPYN)

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To: jbershad who wrote (167)	8/14/1997 11:28:00 AM
From: .com	of 242

Spine-tech Inc (SPYN) SPINE-TECH INC. shares continued to fall Wednesday, losing 5.8%, because of concerns among investors that a potential competitor in spinal-fusion cages could be on the market earlier than previously thought. The company's shares have fallen nearly 20% since hitting a 52-week high of 61 1/4 on July 30. (Dow Jones) Spine-tech Inc (SPYN) Hambrecht and Quist analyst Robert Faulkner downgraded SPINE-TECH INC to a hold from a strong buy, because of doubts the company will receive early approval for its Sofamor Danek's cage for use in spinal fusion procedures. "We continue to have no concerns about Spine-Tech fundamentals in the near-term," Faulkner said in a research report. "The company is doing an excellent job of expanding its sales force and training surgeons and demand appears to grow unabated in the market." "The key new point is ongoing uncertainty, with no near-term resolution in sight, on the issue of early approval in 1998 for Sofamor Danek's cage, rather than early 1999. We continue to doubt that Sofamor Danek receives early approval. (Reuters 04:34 PM ET 08/13/97)

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