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Biotech / Medical : Spine-Tech (SPYN)
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To: Bruce Payne who wrote (41)8/28/1996 1:36:00 PM
From: .com   of 242
 
I just spoke with Keith Eastman, CFO of SPYN.

1. They have no idea why stock price has dropped, except that the entire medical device sector has declined and they are part of that sector.

2. FDA approval is still expected very soon; this quarter (which ends Sept. 30 for them) for sure. They thought it would happen last week, but one FDA employee was on vacation. They thought this week, but another was on vacation. They hope next week or so. The FDA has said they have cleared all hurdles and made all requested changes. Just waiting for letter.

3. The devices are made. It will take 2 days to print labels and they can ship.

4. Each device costs $1900. Two devices are needed for each disc level.

5. Due to shorter surgery time, hospital stay, and much less rehab, this procedure costs 20% less than the traditional surgery.

6. The have already produced some video materials to be made available via satellite for approval day.

7. They hope for some mainstream press coverage when they get approval.

8. They have already written the press releases and will be feeding info nationally and locally to all of the hospitals (and their markets) which have been doing the surgery and which have surgeons trained to do the surgery.

9. The Discovery Channel is curently there doing a program on their surgery/device to air in November as part of a new series on back pain and treatment to be hosetd by Dr. Brothers.

10. He has no idea what impact approval will have on stock price. He doesn't know if the market has assumed approval as a given and thus there will be minimal upward movement, or if there will be a substantial price increase.

Anyhow, that's all I learned. How is that for an update!
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