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Biotech / Medical : Cistron Biotechnology(CIST)$.30
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To: Steve Harmon who wrote (907)11/6/1997 3:19:00 PM
From: John Metcalf  Read Replies (1) of 2742
 
I have to agree with Vadim that a buyback for a penny stock is ludicrous and not in the interest of the shareholders.

But, Steve -- please look at the actual cash level shown on the 10-K in EDGAR. They have six millions, not 15. You have been using their reported share of the Immunex settlement in your calculations, and it has not all been received yet. Please look at the 10-K and note the cash level.

As a shareholder, I would feel that it's irresponsible to spend 10% of the cash that could be used for development just to bail out some short-termers. I would much prefer for them to be bailed out by value-oriented investors, which will happen if new activities generate a solid strategic plan.

CIST management might consider a reverse split, with the objective of qualifying for national market listing. Resultant visibility might help the company on several fronts, and would certainly impact the outrageous spreads that keep investors out of the stock.
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