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Biotech / Medical : Texas Biotech (TXB)

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To: Ken Crooks who wrote (283)	8/13/1997 12:36:00 AM
From: Joe Senesac	of 834

Perhaps there will be some hype on the earnings report or along with the earnings report. TXB's policy is to not comment at all on their stock price, but I can't imagine that they aren't disappointed about the results: Cause: Sign $75M deal with SKB, a solid, steady partner who will fund future growth of TXB. Effect: Lop off 20 percent of stock price. But such is the logic of biotech. Perhaps the expectations were higher for this deal, but that I find hard to buy as well. This appears to be a solidly negotiated deal that is good for both parties and should help both pipelines. Perhaps TXB could take their show to the NASDAQ?!?! Or hire a PR firm? The NASDAQ listing seems to me to be a good idea. This announcement should really have given one of those days where 25% of the float changes hands. That seems to happen pretty regularly to small biotech companies on the NASD when this type of announcement is made. I hate the manipulation that occurs on the NASD, but it also has its upside, namely volatility which gives profit opportunities. You just have to be careful to not end up holding the short straw. Any comments?

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