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Biotech / Medical : ADVR - Bulls no Bears

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To: michael d kugler who wrote (524)5/7/1997 9:50:00 AM
From: BARRY ALLEN   of 913
 
Michael,

As I read the SEC filings, it seems to me that all options from the S1 expired 4/30/97 and in order to renew them you have to file an SB2.Excercising also doesn't mean that you are selling. Why didn't the insiders unload them when the price hit 94 cents last August? I think they are in it for the long term or at least looking for significantly higher prices. Most of these options are just renewals. I assume any company with options files the same S1 or SB2 because they can never excercise if they don't. I guess you and s martin would never excercise options if you were ever granted some and would let them expire since you are both so ethical and concerned with dilution and shareholder value!

Barry
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