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Biotech / Medical : Texas Biotech (TXB)
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To: Ken Crooks who wrote (299)8/22/1997 10:12:00 AM
From: Bill Tomko   of 834
 
1) Until the offering is complete why would any buyer of a significant postion buy in the market when they can buy the offering without tranaction costs and likly at a better price? What we may have seen in the last few weeks is the large holders selling with the anticipation to buy back at the offering once they can gage the strengh of demand.
2) Quite period will extend through offer+ 30 days
3) Underwritters will try and push the pre offering price down to get a better deal and easier sale
4) If road show generates significant demand you may have an over hang from the Pallidian(sp) Group. NB they can only be blocked out during the offering period.
LASTLY, WHERE IS THE FRENCH MI STUDY??????? The lact of anticipated news does not generate confidence
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