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Biotech / Medical : Procept (PRCT): 50% rise on high volume. Why?
PRCT 31.91+1.9%Nov 7 9:30 AM EST
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To: Douglas who wrote (183)7/10/1997 7:48:00 PM
From: Douglas   of 455
 
CONVERSATION WITH STANLEY S. ERCK, CEO OF PROCEPT

I spoke with Mr. Erck about the future of Procept. He was extremely helpful and informative (within SEC constraints). I was surprised that my request for someone from investor relations to call me was answered by him. The following is my interpretation on what Mr. Erck said (it is possible that I may have misunderstood his comments). I hope that you find the information useful. Some of the items are mentioned in press releases.

1. Phase II of PRO 2000 should be in 1998.
2. Phase I in England is 2/3 completed. Belgium had good results.
3. Burn rate is approximately 5,000,000 per year. Note: Early this year the rate was 2,500,000 per quarter.
4. Procept has enough cash to operate through the end of the year.
5. Believes that the stock should be 10X the current price. Note: at todays close that would be $4.38.
6. Still working the partnership issues-looking promising.
7. Delisting by NASDAQ for failing to meet the listing requirements is always a possibly, but highly unlikely because of Paramount Capital and the Aries Funds.
8. Paramount Capital is a long-term investment. They specialize in biotechnology and own shares in approximately thirty companies.
9. Paramount Capital feels that Procept's stock price is undervalued.
10. The Preferred Stock issue is still working (very close). If majority approval is not received by the 15th of June, another proxy will be mailed.
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