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Biotech / Medical : Bio-Chem Pharma (BCHXF)

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To: jbershad who wrote (13)	8/7/1996 11:09:00 PM
From: Hong-Lee Yu	of 43

Jerry, It may not be important. All I am trying to point it out that NVX may be a hidden jewel for BCHXF. Note BCHXF's latest earning includes 4.3 M loss(in CDN)earning from NVX operation. Without it, the earning would be higher. BCHXF management has indicated before that they may sell this. See the following text I copied from their Q2 report. Net earnings, compared to the year-earlier period, increased to $4.1 million or $0.08 per share for the quarter ended June 30, 1996, compared to a net loss of $2.3 million or $0.05 per share for the quarter ended June 30, 1995. This $6.4 million improvement is due mainly to the royalty revenue on sales of 3TC(R)/Epivir(TM). It was achieved despite posting a share of loss of North American Vaccine, Inc. in the amount of $4.3 million. I like BCHXF very much at current price. Regards, Hong-Lee

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