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Biotech / Medical : CRIS, Curis (formerly CBMI)
CRIS 1.260-3.8%3:58 PM EST
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To: SemiBull who wrote (317)8/1/2000 8:41:44 PM
From: Edwin S. Fujinaka   of 668
 
Although this board is pretty dead (along with most of SI) the merger that created Curis (CRIS) is now official and trading in CRIS has begun as of today, August 1st. As should have been expected, the newly issued CRIS shares have actually gone down on the first day of trading compared to the CBMI shares that were last traded on Monday. The reason that this should have been expected is quite simple. Anyone who wanted to buy into the new issue, CRIS, could have done so by simply buying CBMI before the merger. We may have several days where there are no buyers for the new CRIS stock. Eventually, some analysts will begin coverage of CRIS or some news such as the FDA approval of OP-1 will trigger some new interest. Otherwise, all of the people who already know about CBMI and/or Curis are probably already in the stock.

Perhaps a better strategy would have been to have IPO's of the two privately held companies and then later to have the merger <G>. I suppose we could view Curis as simply a merger between CBMI at near it's original valuation of a few months ago along with two mildly successful IPOs that merged with CBMI to form Curis. At today's price for Curis, the overall results are pretty flat.

On the other hand, we should see a barrage of announcements over the next two or three months that will hopefully result in a modest rise in the price of the Curis stock.
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