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Biotech / Medical : Univec (UNVC)

UNVC 0.00250

-7.4%

11:09 AM EST

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To: Gerard who wrote (79)	11/7/1997 6:57:00 AM
From: r. peter Dale	Read Replies (1) of 181

Gerard: Univec's warrants expire in 2004; to perceive them as a long-term derivative similar to options or LEAPS would appear to be appropriate (but I can't tell you how similar they are). Your question about the association of warrants and low priced stocks is interesting: my take is that while my experience confirms that most warrants are derived from lower priced equities, there's no law regarding this. To be honest, I could use some more knowledge about these instruments. I'll ask around. Best wishes, Peter CW-The prognosis of our recent renal clearance difficulties appears to be improving.

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