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Biotech / Medical : BJCT-BIOJECT-needle less injection product
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To: Michael C. Woodward who wrote (112)2/2/1998 2:35:00 PM
From: Keith R.  Read Replies (1) of 534
 
I spoke with a money manager friend of mine who is closely following the company. He believes what you are referring to is the S3 which was recently filed. This S3 is merely a declaration of the effectiveness of the stock which was issued to Schering and Elan. The S3 allows those firms to sell the stk, however, my friend feels that it is preposterous to think that Elan would be selling its shares. After all, they just bot 16% of the company, invested money in a joint venture with BJCT, have convertibles which are converting into stk Feb 20th, have options to buy another 1.75mm shares at $2.50/sh. In conversations which my friend had with the CFO of BJCT, she indicated that ea company would have to notify her of potential sales, and that neither has. She further stated that she was confident that Elan has no reason to sell stk, and that she wouldn't be surprised if it were Schering who sold shares on friday since the volume was very close to the number of shares which Schering is known to own. In this case, she would be expecting to shortly receive Schering's notification of sale. Remember, Schering received these shares as compensation for funds they invested in the personal injector device for Betaseron. She also reiterated that they are in discussions with a number of additional potential alliance partners.

See ya,
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