SRDX - SurModics - Biotech IPO Message Board

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Biotech / Medical : SRDX - SurModics - Biotech IPO

SRDX 27.44

+1.0%

Oct 31 9:30 AM EDT

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To: SpecialK who wrote (29)	9/17/2003 12:26:04 AM
From: Lance Bredvold	Read Replies (1) of 84

To each his own. I decided I liked the company, it's business and it's management and that it was a compelling purchase at $33. So I began buying there and normally would buy each time the price went down 10%. However, I really am convinced this is a good opportunity, so I began to buy with each 5% drop and am on my 4th purchase today. I believe I would like to own at least 3 times the amount I've purchased so far. But I never go all the way at once since long experience has taught me how wrong I can be and usually am. I will buy with every 5% decrease and when the price gets up to where I think it unreasonable, I'll begin selling but only at each additional 10% of price. That should allow me to accumulate a larger number of shares--at least it has worked well for other companies. Incidentally, I commented that I didn't think SDRX had any projects with Boston Scientific in an earlier post, but shortly thereafter some poster on the Yahoo board commented that BSX was listed among clients of SRDX in some presentation or other. I also think I overstated the number of paid development projects under way--I listened to the numbers myself but my memory is changing fast. At any rate, they have a number of paid collaborations which are customers and then some developmental deals where they are simply exploring the possibility of providing a product for some customer or other. They also have invested a significant amount of money in an outfit called I believe, Novacell and are doing development work for them. Some of these will later become paid development contracts similar to what was done with Cordis. What impresses me is that this company has apparently been able to make money on those development contracts alone. Well, that's not for sure since they were actually doing some of the coating work for European sales of Cordis stents and those turn out to be more significant than I had realized. Over 100,000 of those already which should have provided royalties nearly as high as the US sales so far. In fact, actually higher since the contract called for a minumum annual amount which was never reached by the computed royalty until this year. Lance

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