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Biotech / Medical : Summit Technology (BEAM)
BEAM 24.70+4.5%3:59 PM EST
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To: ajs who wrote (717)2/28/1998 11:32:00 PM
From: pappy  Read Replies (1) of 1386
 
AJS: I've been so busy at work that I've had little time to do any follow-up since my last telephone call with Summit Technology. I've played telephone tag with Summit IR but finally just couldn't take the time too keep it up. My last conversation with Paula at Summit IR was around January 19, 1998 and the following response was given:.

Q: Anything new with Astigmatism approval.

A; Yes, SUMMIT has been INFORMED that no other data or information needs to be submitted to the FDA. In addition, BEAM is in constant daily communication with the FDA pushing for an answer. However, apparently the FDA is short staff (I can attest to that being a government employee) and that appears to be what the hold up is. Summit indicated approval could come any day, but now indicates, they better have an answer from FDA by the end of the quarter or Summit's going to request an inquiry as to shortage of personnel and how this is hurting Summit.
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I picked up a Barron 's Magazine today (March 2, 1998 issue) and on page 50, Summit Technology made it into the INSIDER TRANSACTION SECTION as one of the largest NON-BANK COMPANIES with the largest % changes in insider holdings over the last 6 months. It wasn't a large amount (hell, I own over triple the amount) but 4 insiders purchased 7000 shares. All I'll say, it was better than reading one of the Largest NON-BANK COMPANIES with the largest % decreases in insider holdings.

I'll try to make time and contact BEAM IR next week and update you with the latest news...Pappy
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