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Biotech / Medical : Biotech Holdings

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To: jacq who wrote (81)	12/8/1997 12:26:00 PM
From: Mike Heimbuch	Read Replies (1) of 224

Hello jacq Good to see you are alive and following still. I have stayed abreast of the company's movement since our last correspondence - and like you am heartened. We need to keep in mind that to this point it is the revenues from packaging cosmetic/beauty topical substances which is providing the vast majority of the sales increases. The growth in China sales - although unverified for the layman - appears to be incremental at best. The initial marketing strategy in China has not proven successful and is currently in the process of being reworked. Again - we should be very limited in our short term expectations for any marketing success - due mostly to the nature of the company's financial structure - philosophy - and the reality of marketing any new drug in a different part of the world. None the less - the most attractive part of this sales growth - is the capacity for it to sustain DIAB II development during 98-99 while the company works towards western hemisphere scientific community acceptance of the Carribean/Chinese trials and the growth of financial community interest in the company prospects. For the latter - we need to trust that the company will not consider pursuing premature/artificial methods to promote Biotech Holdings stature within the investment/analyst community. Getting off of the bulletin board and into full NASDAQ listing is often a trigger point for developing serious outside interest in a company - and there is no doubt that Bio will be considering a reverse split to raise the share price enough to qualify for this situation. There are - unfortunately - millions of shares out there that the owners (who got them at pennies on the dollar)-are interested in selling. The way I see it is thus: Any consolidation/reverse split to raise the share price has a good chance of failing miserably because of these interested sellers - !!if it is done prior to getting "seriously sigificant positive results" from phase three in the Caribbean this winter. Because Bio is on the threshhold of either "real success" or continued question marks - I believe investors have a serious interest in the timing of any reverse split efforts this winter/spring. We have not - to the best of my knowledge - attracted chat line / bulletin board interest in Biotech Holdings. Ligand and Amlin continue to dominate the diabetes forums. I have a feeling that some of the participants there are subsidized by the companies - regardless - Diab needs this phase three - peer reviewable - out of the way - although it is puzzling that DIAB doesn't receive more notice than it does - considering other drugs had bigger followings when no further along - just another syndrome for Biotech who is operating on an unconventional plane of thought and business approach. Good luck to you Mike

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