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Biotech / Medical : QDEL - Quidel more quick diagnosis

QDEL 24.35

+14.3%

Nov 21 9:30 AM EST

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To: Mark Padre who wrote (662)	4/22/1997 5:08:00 AM
From: Mike Relyea	of 1693

Mark, Here are my comments to your "facts and a few theories:" Mark: "1) Quidel issuse a poisin pill in Dec. I fill to cover managements jobs" Comment: Quidel's 19 December 1996 news release states in part: ". . . .the Plan is designed to deter coercive or unfair takeover tactics and to prevent an acquiror from gaining control of QUIDEL without offering a fair price to all of QUIDEL's stockholders." quidel.com Mark: "2) Morgan Fund excersises options to the sum of 5mil this goes as cash to Quidel . I fill to cover legal or payoff BD." Comment: The warrants had an expiration date of January 31, 1997 and were exercised at $2.95 per share. Considering that Quidel's stock close at $4.875 on 31 January 1997, I'd say Morgan Investment Corporation exercised the warrants to make a profit. quidel.com Mark: "3) Morgan Fund I think is Richard Morgan on Board of Directors" Comment: The Morgan Investment Corporation is not related to Richard C. E. Morgan of Quidel Corporation. Mark: "4) I think Richard Morgan has never sold any position in Quidel" Comment: The latest SEC reporting indicates Richard Morgan acquired 7,000 shares at $3.81 on 30 October 1996 and 10,000 shares on 30 July 1996 at $3.75. Mark: "5) Talk to a man who has a few medical patents of his own. The why I understand him patent infringements are hard to prove but we all known we cannot trust a jury aka O.J." Comment: Is this a fact or theory? BD has the more difficult "burden of proof" position in the litigation that Quidel has infringed on its patent. Do most jurors favor the little guy or the big guy? Mark: "6) A few posts back Howard said he talked to someone that gross sale for March where 8mil I think what the man might have went was 8mil before March . As per quarterly report breakeven is 9.1mil in gross sales. This might mean gross sales for March are all profit for quarter." Comment: I suggest you don't believe everything you read. Mark: "7) This is just a WAG (wild ass guess) but would not be suprised that chairman wants to prove he should have and could have run BD . Management has stretched the rubber band and it has broken and that equals lawsuit." Comment: The "chairman" doesn't run Quidel, Mr. Steven T. Frankel is the President and Chief Executive Officer, and the BODs are elected by the shareholders. Quidel's 9 April 1997 news release states that the lawsuit filed against Quidel has no merit and that Quidel will defend the patent infringement lawsuit vigorously. - In effect Quidel's stating that the "rubber band" is not broken. quidel.com Mike

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