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

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To: Biomaven who wrote (5340)	7/16/1998 8:18:00 PM
From: John Zwiener	Read Replies (2) of 9719

Peter, I don't think it's a matter of Roche BMG jeopardizing an important relationship, at least in their minds. I think Roche/BMG sees it as aggressive business practice. I think it is common for big companies to overplay their licenses from small companies because they usually win. But I don't think they expected Igen to raise 25 million to fight them, and to pull the moves they have. It's important to realize that Roche is claiming revenue on the electsys instruments that would be money losing, but the continue to push forward rapidly with it's development and deployment. Also, it points out that there is a lot of money at stake, or their wouldn't be this fight. Your point about short sellers is interesting since it is over 1 million out of 17 million shares. I understand most of this is the convertible share holders and this may have accounted for the recent drop to 30. But it seems that Soros was still adding at these levels, so I don't know the significance of the short sellers. It seems that most of the biotechs have seen increasing short selling, maybe it's partially a general industry play.

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