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Strategies & Market Trends : Value Investing

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To: Steve168 who wrote (17139)	6/2/2003 1:01:18 PM
From: Paul Senior	Read Replies (1) of 78748

I passed on VICL. I don't understand anything about the business so I only have looked cursorily at the numbers as a below-cash play. There's $5/sh in cash. Maybe their burn rate is $1/sh/yr. (annualizing last quarter's $5m loss) So they've got plenty of money maybe to go for four years to come up with some products they can sell or joint-venture. And they have a lot of stuff apparently. So that's all good. OTOH, as a below-cash play, next year they'll have $4 sh/cash declining to maybe $3/sh (??). To me that's not attractive when I looked at the stock price. It was ~$4/sh. Well, stock's at $4.71 now (and topped $5) today, so the market's telling me I might've made the wrong decision here.

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