Couple of notes mentioning the company - one from todays LA Times on buyback (old news). BIOI will make a presentation in Boston on Sept 15th at an investment forum.
Joe
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Copyright 1998 Times Mirror Company
Los Angeles Times
August 25, 1998, Tuesday, Valley Edition
SECTION: Business; Part D; Page 13B; Zones Desk
HEADLINE: VALLEY AND VENTURA COUNTY;
VENTURA COUNTY ROUNDUP / BARBARA MURPHY;
BIOSOURCE BOARD OKS BUYING COMMON STOCK
The board of directors for BioSource International in Camarillo has
authorized the purchase of up to 250,000 more shares of the company's common stock during the next 12 months.
The authorization continues the share-buyback program that began April 22, 1997. The company has purchased all of the 1.2 million shares of stock authorized by the board since the start of the program, at an average share price of $ 6.44. Because of the price of BioSource stock, the board decided to continue purchasing shares as an investment.
"From our perspective, there is no rational explanation for the current trading level of the company's stock," said James H. Chamberlain, BioSource's chairman, president and chief executive officer. "We believe this represents an excellent buying opportunity and we are acting on it to express our confidence and improve overall shareholder value."
BioSource supplies immunological reagents and test kits used in biomedical research. Last year, the company reported net income of $ 3.1 million on revenue of $ 20.5 million.
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Business Wire
July 28, 1998, Tuesday
HEADLINE: Biotech Investors Ponder -- Is Entire Industry Worth As Much As Merck?
DATELINE: SAN FRANCISCO
July 28, 1998--Are 180 biotech companies with more than 300 products in clinical trials and $ 7.5 billion in annual R&D spending worth as much as Merck (Nyse:MRK), a blue chip Dow stock with 20 products in clinical trials and $ 1.7 billion in R&D expenditures?
The answer is "no," at least not now, attendees learned at the 5th Informed Investors San Francisco Bay Area Biotech Stocks Forum held Sunday July 26. In fact, one could buy all the shares of the 180 biotech companies at current market prices and still have many billions left over for less than it would take to acquire Merck. The blue chip drug company's market cap is $ 166 billion vs. $79 billion for the 180 biotech companies combined.
Therein lies the long-term investment potential for biotech investors who have the knowledge, patience and wherewithal to own stocks in this highly volatile sector, advised keynote speakers Peter Freudenthal and Kurt von Emster. Freudenthal is senior biotech analyst for BA Robertson Stephens and von Emster is portfolio manager for the Franklin Strategic Biotechnology fund
(NASDAQ:FBDIX). Their presentations gave a thorough overview of the industry and prospects for many companies. [BIOI made a presentation here the article notes]
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