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Biotech / Medical : Cistron Biotechnology(CIST)$.30
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To: Vadim D. Marchenko who wrote (2343)6/24/1999 9:50:00 AM
From: Zvi Yammer  Read Replies (1) of 2742
 
John;

You echo my thoughts precisely.

PINE BROOK, N.J., June 22 /PRNewswire/ -- Cistron Biotechnology, Inc. (OTC: CIST - news) today announced that it has agreed to purchase 5,058,406
shares or about 25% of its common stock from Harvey W. Glasser, M.D. who acquired the stock from Henry Grausz, M.D., a founder and former chairman of the
company.

CIST is a puppy of a company and any overhanging problems are too large for a big company to dela with. 25% of your stock tied up in court is a problem. I'm not sure how GLASER was allowed to buy the stock from Grausz but I can imagine that CIST was not too happy with that sale. My guess is that CIST agreed to buy the stock from
GLASER and let the matter drop.

Now CIST is truly problem free it has rid itself of it's reagents business has secured an agreement with PMC (at a net of 48 cents per share) has no debt and almost 60 cents per share in cash.

The Only question is what is the value if any for the IL-1 patents
and the PMC agreement. And any other research that is ongoing??

3 mil = 20 cets 6 mil = 40 cents 18 mill = 1.00.

Add the non cash asset to the cash and yo have an estimated selling
price (80, 1.20 1.60)

If the lowest price target is not met my guess is that CIST will cash out (the avg age of the board members is over 70 i think).

SO the least will probably see is some 50+ cents per share which is a
60% premium over the closing bid.

That is a nice place to be!!!!!!!!!!!
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