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Biotech / Medical : Insite Vision Inc.
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To: Awashonks who wrote (813)8/11/1998 6:15:00 PM
From: BelowTheCrowd  Read Replies (1) of 1060
 
I heard Murphy speak at the show in San Francisco this weekend. This is my take from the conversations, and I obviously may have misinterpreted so don't hold him to my words:

The guy he hired was an industrial spy of some kind, but apparently legal, if not necessarily very good. He says that INSV are down to talking with a single company, but that the company does not want to pay enough, probably no more than $5 per share AND they want to see a working test kit.

INSV claims the test kit is done and has been demonstrated to potential partners.

Murphy implied that he didn't know whether the "spy" was wrong, or management was lying.

I also spoke with Lissa Morganthaler who runs the Biotech fund and DOES NOT hold INSV (should be easy enough to check that out). Her take on the company is that they have great technology and should have great licensing deals, and that all the problems are management related. Essentially comes down to a CEO who believes he knows everything and is impossible to deal with. She was pretty clear that she would not buy the stock until the CEO was forced out. That was stated as more of a "when" rather than an "if."

Again, those are my impressions of what she had to say.

What's pretty clear in any case is they've got to do something, because the VCs/Board won't let them sell any more stock and cash is dwindling. Sounds like the guy will either cut a deal or be forced out and replaced with somebody who will.

The problem I see is that the ultimate deal might be done in desperation, rather than from strength. Never a good situation.

mg
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