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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 (184)7/11/1997 4:00:00 PM
From: Douglas   of 455
 
The following information about Palatin Technologies (PLTN-OTC Bulletin Board) was obtained from a July 2, 1997 filing of a Form PRER14A with the SEC. This is a special meeting of stockholders. As you known, Michael Weiss is a Director of Palatin Technologies and Interim Chairman of Procept's Board. He has been a Palatin Director for a year as a result of a merger on June 25, 1996, which resulted in a change of controlling interest within Palatin. Within the last year the stock price went from approx. forty cents to a little less than $2.00. Today, there is 12,081,496 common stock (one vote per share) and 137,780 preferred stock (approx. 80.6 votes per share).

The PRER14A is for:
1. Increasing the total number of authorized shares of capital stock from 27M shares to 85M shares, of which 75M shares shall be common stock and 10M shares shall be preferred stock.
2. Reverse stock split (not less than 2, no more than 4).

This gives us another indication of what might happen at Procept (based on the involvement of Weiss & Paramount Capital with GENTA Inc. and Palatin Technologies):
1. Additional capital through private placement.
2. Utilization of preferred stock.
3. Reverse stock split.
4. Changes in personnel on the Board of Directors.
5. Increase in stock price! Note: GENTA went from approx. $2.00 to $3.75 on the announcement of additional funding (July 3, 1997). Weiss took over as Interim Chairman of the GENTA Board on May 6, 1997, two months earlier.
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