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Biotech / Medical : biotech insider buys

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To: Gary105 who wrote (55)	5/4/2003 5:56:05 PM
From: EVENT HORIZON III	of 213

Hi Gary, Actually they will comence Phase Three trils Either Late Fall or in 2004. They announced a delay in clinicals because of sterilization issues about two weeks back. They suggested the delay would be a Quarter but were non-commital as to when trials would begin. I wouldn't expect them to completely show their hand on this either way. The stock is relative a good Speculative buy based on Phase III trials. Stocks typically trend up into such key events. The stock sold of recently in reaction to the CC & the announced delay. IMO the Delay is now factored in. The stock should again rise based on expectations of partnerships new programs & Phase Two Results getting Published as well as the Expectations of Phase Three Trials. I was of the mind the factoring in of the Delay might take longer however it was recently brought to my attention that the short position has risen significantly. This is likely funding related. As a result I expect a much faster recovery. Its very possible we will witness a short covering rally this week. Fridays numbers were suggestive. Jeff

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