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Biotech / Medical : IGEN International

IGEN 0.0001000

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Mar 7 3:00 PM EST

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To: James Perry who wrote (360)	5/21/1998 7:30:00 AM
From: Robert DeHaven	Read Replies (1) of 1025

Jim: I am a long time holder of CTAL....B) Once they got that manufacturing facility and a guaranteed $500 million in contacts it was a no brainer. I agree the hill is steep on that one but with its XENON system and the drug mfr. business there is a lot of value there. As a long investor I look to buy $1 of value for less than a $1...nice if you can get it right? but situations continually exist in the market where this is the case. My longs at present: IMNR CTAL FDX BFO IGEN SYBS AHOM speculative picks MEGW WOOD WSTL COSE Constantly looking for more... Back to Igen...As to the convertible shares being sold I refer all to the Edgar Filing form 424B3 dated 4/15/98 ....volume on 4/15 a an abnormal 1.3 million shares....notice the decline in the share price began 4/3/98....the 5.0 million shares were probably sold short and will be converted and delivered to cover the short. Again despite this issue the potential favorable settlement of litigation, established market presence with Igen's technology and strong patent protection lead me to conclude Igen is fundamentally sound and the stock price will reflect this eventually. From my own research I believe some 70% of the outstanding shares are held by insiders or institutions. good luck, bob

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