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Biotech / Medical : Techniclone (TCLN)
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To: Maurice Winn who wrote (955)12/29/1997 11:44:00 PM
From: Jim Baker  Read Replies (1) of 3702
 
Mo Winn -- "so the only source of funding to back a speculative intellectual property company such as Techniclone is more equity issue"

Not quite.

Yes, biotech companies can obtain cash by selling stock.

They also obtain cash by selling debt (convertible into stock at higher than market prices).

They also obtain cash by doing deals -- partnerships, technology licensing, and so on.

This last option is what you have overlooked, which is surprising since management's most recent press release stated that these are the opportunities it is pursuing.

It is the hope of investors in TCLN that management will be successful in its publicly stated efforts to find licensing and development partners for several of its technologies.

It is our hope that the whole (TCLN stock) is currently worth less than the sum of the parts (its technologies, as licensed to big pharma partners). By selling off small pieces of some technologies, the company may bring in some cash and may change the way its stock is valued.

You see, in many industries there are often discrepancies between public and private market valuations.

Big pharmas do not pay low prices for stock, they pay big prices for slivers of technologies.

We hope that is the case here. Or else the stock indeed may be worth less.
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