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Biotech / Medical : HDRN-HADRON

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To: Alan Whirlwind who wrote (45)	4/16/2001 8:48:00 AM
From: MarcG	of 62

Alan, Had a nice Easter? I am very impressed with Dr. Bailey's credentials, honors and first-hand experience in the BioDefense industry, and consider his appointment more evidence that HDRN's management is putting together a very high quality team to achieve success. The strategic plan outlined by Jon Stout envisions a three year transition period transforming HDRN into a top tier Intelligence Community service provider. Not only is the admnistration focused on military preparedness, the private sector may provide surprises. I agree with you that the choice of this industry provides the visibility to attain growth at a reasonable price. The Biodefense niche defines HDRN as a specialized player, and IMO, if successful developing its niche, will at the same time make it vulnerable to takeover by defense gorillas.

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