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Biotech / Medical : IMMULOGIC

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To: mike wirtz who wrote (146)	4/10/1997 1:16:00 PM
From: Xingbo Wang	of 305

Mike, When I first bought Synergen, it had $4.50 per share in cash, and another $4.00 per share for other hard assets like plants and equipment, for a tangible book value of $8.50. The stock was trading at $4 due to the failure of their lead drug candidate. So it is very possible for a biotech stock to trade far below cash or book value. Of course I would not want this to happen to IMUL. I have a large position with a cost basis of just under $7. The risk/reward ratio at these prices is excellent, otherwise I would have sold sometime ago. However, I could not buy more here. I have committed more $ into this one than any other stock I own. Regards, Xingbo

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