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Biotech / Medical : Gliatech (GLIA)
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To: Spekulatius who wrote (1697)8/29/2000 12:08:35 AM
From: M. P. McNamara, Jr. M.D.  Read Replies (2) of 2001
 
An Open Letter to Gliatech Management:

Gentlemen:
For the second time in a year the company is in crisis and shareholders are about to experience a bloodbath.

The press release was vague and will contribute to the uncertainty that this stock is again embroiled in.

The press release is rather oblique in it's reference to "inspectional observations contained in a Form 483 report which identified certain items pertaining to the clinical data submitted to the FDA with respect to a U.S. clinical trial of ADCON®-L." It goes on to state: "The observations contained in the report primarily focus on the recording of the data and the process Gliatech used in recording and presenting this data to the FDA."

The vagueness of these statements, coupled with the withdrawl of Guilford from the proposed merger cast a chilling pall over this company and it's stock.

Guilford's withdrawl implies either:
1. GLFD concluded that Gliatech had been incompletely forthcoming during the due diligence period and any trust that had formed is now gone.
and/or that
2. The issues identified by the FDA are serious enough to cast significant doubt about the viability of marketing Adcon in the US (and maybe oversees as well?)

The message the market is left with is that GLFD now has information that indicates that GLIA is a poor investment.

Management owes a duty to it's shareholders to be completely forthcoming with facts. All the facts. NOW.

I strongly urge you to issue an expanded, complete written statement detailing the FDA's concerns BEFORE THE MARKET OPENS IN THE MORNING. Additionally, have an open conference call tomorrow.

The most effective form of damage control is total openness and honesty. Johnson & Johnson's handling of the Tylenol poisoning scare stands in stark contrast to the recent bumblings of Bridgestone-Firestone management.

Do the right thing. You owe it to us.

Sincerely,

M. P. McNamara, Jr., M.D.
mpm@apk.net
216-496-8681
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