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Biotech / Medical : Alfacell (ACEL)

ACEL 11.55

-0.8%

Jan 16 3:59 PM EST

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To: Fish who wrote (1397)	6/20/1998 5:40:00 PM
From: David Cathcart	Read Replies (2) of 1533

Fish, <<Morevoer, she [Gail Fraser] has even hinted that the results of the Phase 3 study may not be efficacious. I believe this was posted several months ago.>> You may be referring to my post reiterating a conversation I had with Gail, where she had said something to the effect of "if the data from the phase III trial for Onconase looks good.". You may want to read into this that she hinted that the drug may not be efficacious. However, from a liability standpoint, it would have been foolish and unprofessional if she had said anything more positive than the "if" statement. Without question, there is risk in this investment. Also without question, there is tremendous upside potential. Everything rides on the "if." David

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