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Biotech / Medical : Cistron Biotechnology(CIST)$.30
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To: Steve Harmon who wrote (1588)11/4/1998 8:43:00 PM
From: Dr. John M. de Castro  Read Replies (2) of 2742
 
Wimpy Market Response to PMC Deal
I'm amazed by the response (or lack thereof) of the market to the formal announcement of the signing of the definitive agreement. Although the terms are not great. They do legitimize the IL-1 program and put a major stamp of approval on this little company. Given, its marked undervaluation, I had thought (hoped) that signing a definitive agreement would provide the impetus to propel CIST at least to book value. After all, the mere announcement of the signing of the letter of intent was met by a run up into the .60s. Why did the actual announcement do less?

I'm troubled by the way this was handled by CIST. The announcement was made in such a way and at such a time that it appeared that CIST didn't want the market to notice the significance of this deal. The more I watch CIST the more I feel like something very underhanded is going on here. There is no attempt to support the stock and in fact there appears to be if not active effort, at least passive acceptance, of an absurdly low stock value. In the meantime, the assets of this company are being siphoned off in the form of unreasonably higher fees to "bankers" and high salaries and bonuses to Galton. I'm generally not one to see conspiracy around every corner. But, this is beginning to smell real bad to me.

Does anyone else feel the same way? Are we, the stockholders being screwed while the manipulators are getting rich? I'm beginning to think that the answer is a resounding yes to both questions.

John de C
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