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Biotech / Medical : Staar Surgical STAA
STAA 25.87-2.5%Oct 31 9:30 AM EST
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To: gcrispin who wrote (35)7/6/1999 2:47:00 PM
From: Alan A. Hicks  Read Replies (1) of 50
 
KERA hit 22 1/4 today. Both STAA and KERA represent new refractive surgery plays. Interest in KERA is a real positive for STAA shares. They do not really compete head on since the KERA Intac rings are for mild myopia while the STAA ICL's are for more severe vision correction for hyperopia, myopia, astigmatism as well as correction of other vision problems.

At $22 1/4 KERAs market cap fully diluted is around $350 million. KERA has been losing about $25 million per year so will probably need to issue even more shares as they launch the Intac. STAA has fewer shares out so STAA would be worth about $25 per share to have the same market capitalization. Since STAA is already profitable, STAA will not need to issue more shares. STAA also already sells more ICLs than KERA sells Intac rings.

If another serious offer for STAA does come, it will have to be in $20 to $30 range and even higher after STAA finishes trials this summer on the glaucoma wick and the ICL. The rejection of the $15 offer shows management believes STAA is worth much more. STAA's real value should be at least $20 today. I think that is why STAA has not sold off after rejecting the $15 offer. The chart looks like $15 to $16 is the next short term level for STAA.
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