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Biotech / Medical : Depotech(depo)
DEPO 7.300+1.7%Aug 14 5:00 PM EST
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To: Dr. John M. de Castro who wrote (848)10/19/1998 10:41:00 PM
From: rkrw  Read Replies (2) of 887
 
John,
I'm going to take the opposite stance on the deal. If anyone here had faith in DEPO and their mgt to lead the company to success, they must not have been watching very closely or must be eternal optimists. You all should be looking at what DEPO shareholders are getting, shares in Skyepharma and what the prospects of Skyepharma are, rather than fretting that DEPO isn't getting enough. I don't know too much about Skye but I do know they are creating a broad drug delivery platform covering oral drugs, inhalation (recent deal with Sepr) and now have sustained release injectables via Depo.
DEPO is in a very weak position. Book value is a meaningless factor here. Cash position is extremely poor. Based on last quarters burn, DEPO has a whopping 2 months of cash left. In this market, as Dave alludes to, good luck raising capital. Staying independent and raising cash with the shares treading at a buck is not a reasonable option. Best bet was to sell out for shares in hopefully a company that is better managed, has better prospects and has a keen eye on enhancing shareholder value. Seeing Skyepharma is a very young and newly public company this has yet to be determined however from watching DEPO for the last year, I believe they are better off in SkyePharma's (or anyone elses) hands.

Good luck.
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