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Biotech / Medical : Texas Biotech (TXB)

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To: Dauntless who wrote (286)	8/13/1997 1:41:00 PM
From: Ken Crooks	of 834

Reuters is carrying the story, but I need help understanding the implications here. Seems to me that we just got hosed, but maybe I've got it all wrong. Aren't we getting diluted to the tune of 20%?? Here's the facts from Reuters: TXB filed to register an offering of 5 million shares - that will raise the total outstanding to 31,003,000. Underwriters are Lehman Bros and PaineWebber, who will have an "over-allotment option" of up to 750,000 shares between them. Proceeds to go to funding ongoing operations. I too am having trouble getting SEC access, but I can see no indication of qtrly report filing yet. Tell me how this can be good news, please!

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