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Biotech / Medical : VICL (Vical Labs)

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To: carl w. trygstad who wrote (391)	10/10/1997 6:43:00 PM
From: William Strop	of 1972

When I talk to Investor Relations, I get the feeling of quiet, subdued optimism. Sounds similar to the summit (but maybe because I am a stakeholder & want to believe it)!!! IMO, the Company feels that they have significantly progressed over the past few years yet the stock price is below what it was in 2/94 ($16). This tells me that either $16 back in 2/94 was excessive or that we are way undervalued now. I suspect some of both. I think of their successes since back then as water going into a bucket -- at some point some last drop causes an overflow and finally all the previous drops will be accounted for... --- and the rest will be history. Have a good weekend. Bill

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