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Biotech / Medical : Neopath (NPTH)

NPTH 0.000600

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Mar 7 3:00 PM EST

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To: bazan who wrote (37)	8/11/1997 1:35:00 PM
From: Sigmund	of 178

I would monitor the insider selling carefully. Please keep us all informed. My understanding of the PMA is that it stands for pre-market approval and is the mechanism for getting approval to use the Neopath system for primary screening. This is critically significant. My understanding is that now, the Neopath system is used for quality control only, some percentage of the slides which were judged by the technician to be negative are rescreened by the Neopath system. This has a lot of benefits but it adds to the cost. Primary screening is where the system looks at all of the slides first and selects those to be reviewed by the technician. This has the potential to be a cost reduction (technician time) tool in addition to improving quality. Cost reduction is the key because the labs are under tremendous pressure now to keep costs down and it is difficult to get approval for higher reimbursements by insurers. Primary screening by the NeoPath system is I think the only one of the competing products which has the potential to significanly reduce costs. I understand that the timing for submission of the PMA is very short term. The key question is the process and the timing of the review. Also important is the question of the variability in the timing. How confident can be be as to the date when we will know the answer re approval. Also how confident is the company of getting approval which is where insider selling becomes crucial. The company has taken a very strange approach of declaring that they will be very close mouthed about information for competitive reasons while at the same time declaring that the others in the field are not direct competitors. I can agree with the point about not having direct competitors but all of the competitors compete for funds and the interaction among the products can make each of the products more or less attractive in ways that are complex but important to understand. I understand that Cytec has filed a poisoned pill plan. It is interesting that they are concerned about a takeover. They have also complained about mischief from some of the other players. I think things are really heating up. I don't imagine that this person you will be talking to will be very forthcoming about any of this or potential acquisition of Neopath by anyone.

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