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Biotech / Medical : QLT PhotoTherapeutics (QLTI)
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To: John Metcalf who wrote (46)8/27/1996 4:33:00 AM
From: Doug Meetmer   of 1321
 
Hi John,

I agree with you entirely. I was very excited to read the wire.
I am not sure how much value Dy-tex will add, since it is difficult
to know precisely how it will be utilized and what it will give
birth to. However, it does show they are expanding their horizons and
innovation is the name of the game.

I agree they do not have a huge cash position. Per the
recent press release announcing they won't have the secondary
offering , Richard Miller plainly stated that they did not
want to dilute shareholder value at this time, which implies
that at least for the short term he doesn't foresee a cash
crunch. What was particularly encouraging was that he commented
that the company did not want to dilute shareholder value at current
price levels PARTICULARLY WITH HOW CURRENT TRIALS ARE FARING (not
exact quote but same meaning). I believe he is telling us all that
trials look good and that the stock will rebound to an appropriate
trading range.

I anticipate that this stock is an easy double (or more) within
twelve months. I usually do not make predictions because I
feel that they can erode one's credibility, but I am not a
professional stock picker so my ego is not up for bruising, and
I truly believe that, as you said, you are getting a lot of
technology for a $100 M market cap. It is obvious that this
stock has a lot more room on the upside than the downside.

Let us see what will happen.

Doug
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