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Biotech / Medical : Cell Genesys (CEGE)
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To: tuck who wrote (1229)1/9/2003 2:29:29 AM
From: Londo   of 1298
 
CEGE did dump about 250k ABGX when it was trading at roughly $9.70. Smart move. Doubt they will do so until the price gets higher, however. ABGX is burning a frighteningly large amount of cash.

The preferred share issue is rather interesting, their second batch of shares are still toxic (although there's only about $7M of them, so it really shouldn't be much of a factor). Short interest for December dropped about 300k, so there were about 500k that were unhedged which could potentially be a supply overhang. Tough to tell. I think they'll make it down to $8/share again. 2003 is just going to be a year about cash burn.

Only bright spot it seems is that they're now eligible to own more than 5% of TKTX.
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