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Biotech / Medical : NexStar Pharm(NXTR)

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To: Steven Yang who wrote (305)	10/22/1998 9:33:00 PM
From: Miljenko Zuanic	Read Replies (2) of 328

Hi Steven: Today report doesn't have to much positive perception. AmBisome 3Q sales are flat compared to 2Q. Accounting that EU 3Q is the worse period (vocations months) and that US liposomal-Ampho also show slow down, it isn't that bad. Fujisawa sales in US were ~7.5 MM (~2.5 MM total for NXTR) and are ~50% of LIPO US sales. Overly, It appears that Fijusawa is slowly gaining market share and that NXTR are keeping EU/world sales. NXTR reduced R&D and S,G&A expense from 2Q by 2MM. I guess 4Q will show further reduction. Regardless that NXTR received from SKW 21 MM their cash reserve were equal to 2Q. So, ~20MM from sales revenue are account receivable. One day they will have to settle this huge AR. One question related to MiKasome. This preliminary data from UI PII trials are from daily dose. for 10 days. Anyone mentioned when they will complete single dose arm, and when they expect PIII trials to start? imo, they again drag their ass. Shorts: Because there were no significant covering in recent market decline, short are encouraged to continue their bear opinion. Miljenko

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