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Biotech / Medical : ACMI - Accumed Inc.
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To: Paul Bonarski who wrote ()1/24/1999 9:27:00 AM
From: Frank Buck  Read Replies (2) of 1894
 
George,

Here are salient points of the interview:

AccuMed is reverting back to a developmental stage company.

Next Friday is the expected close date of the Micro-sale.

As predicted by this board almost a year ago.... AccuMed sees the development of the Savant (cost effective and early detection of lung cancer via DNA analysis) as their springboard for restoring shareholder value.

The company has downsized from about 170 employees to approximately 20.

Dr. Pressman who has 20 years of sputum analysis under his belt is still with AccuMed and focussing efforts on developing the Savant.

The sale of Micro simplified the company's focus.

After the sale of micro there will be approximately $5.5 -$6 MM in cash and AccuMed will have a clean balance sheet.

After receiving the offer from Gombrich to buy the cyto side.... ACMI has received request to participate with other companies using its experience and knowledge of cyto. (???)

AccuMed has had a three year focus on early lung cancer detection.

They are presently involved with 5 countries and 3 continents and over 1,000 patients.

The Savant is reputed to be 4 times more effective in early lung cancer detection than the currently available methodologies.

Of the 180K new patients diagnosed w/ lung cancer (annually).... in 5 years 150K of those will be dead.

Accumed will have 2.5 years after the sale of micro to prove to the medical community and shareholders that they are on the right track. I believe this refers to their cash position.

Lavallee has a certain modicum of experience with bringing back companies that have lost their focus.
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