Procept (PRCT): 50% rise on high volume. Why? Message Board

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Biotech / Medical : Procept (PRCT): 50% rise on high volume. Why?

PRCT 31.91

+1.9%

Nov 7 9:30 AM EST

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To: Douglas who wrote ()	8/20/1997 4:33:00 PM
From: Douglas	of 455

Information of interest from Procept's Form 10-Q Number of common shares outstanding as of August 1, 1997 was 19,693,668. In July 1997, the Company implemented a restructuring plan that resulted in the elimination of six senior research positions. As a result of this reduction in force and other cost control measures, the Company expects that by year end its cash burn rate will be reduced to approximately $500,000 per month. Associated termination benefits will be accrued and charged to restructuring expenses during the third quarter of 1997. The exact termination benefits and potential long term cost savings have not been determined. The Company believes that its current funds, inconjunction with the net proceeds from its Private Placement and interest income will be sufficient to fund Procept's financial needs for the remainder of 1997. Under the terms of the Phase I Grant, Procept will receive $100,000 in financial support. The Company plans to apply for additional funding under a Phase II SBIR grant late in 1997.

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