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Biotech / Medical : VD's Model Portfolio & Discussion Thread

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To: Rocketman who wrote (4485)	3/27/1998 4:18:00 PM
From: Biomaven	Read Replies (1) of 9719

Any comments on Transgene, the new French IPO which has an interesting deal with HGSI? Any implications for Incyte? prnewswire.com On another issue, the GZTC 10-K got filed today (one of the many biotech procrastinators filing today). Looks like they just copied last year's 10-K, changing some numbers where absolutely necessary <G>. Their new deal $20m deal does appear to be a bottomless preferred, with the conversion price set at the average of the lowest 5 closing bid prices in the 20 days preceding conversion, with an upper cap. This gives the holders (described as "three institutions") the incentive to short the stock ahead of coversion, unless I'm reading the rather terse description wrongly. Usually I avoid biotechs with bottomless preferreds like the plague, but I guess I'll make an exception here and hold my few shares. Peter

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