IDPH--Positive preliminary results for pivotal trial of ID Message Board

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Biotech / Medical : IDPH--Positive preliminary results for pivotal trial of ID

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To: Webhead who wrote (416)	3/3/1997 6:10:00 PM
From: Brad C. Dunlap	of 1762

HI ECG, frustrating for us all. One tidbid of speculation. Morgan Stanley/Merrill lynch LP had some options that were priced based on the avg price for the past 20 days up until March 1. These options were given to MS/ML for the full rights to C2B8 of which somehow MS/ML had partial ownership. There was a formula that was used to arrive at the exact amount of shares and it is very possible that these shares could have been shorted in the mkt even though the actual shares will not be issued until 3/17. Obviously this is pure speculation and probably has nothing to do with today's weakness but Merrill Lynch was on the sell side a good portion of the day. The total amount of shares involved are around 320,000 so it shoudn't be too much of an overhang. Anyways, great news today and the fact that Merrill Lynch owned 1,000,000 shares and was the 3rd largest shareholder as of July 1996. And Eric Hecht who according to the Wall Street Journal was the top biotech analyst in the country in 1996 and just happens to be a huge supporter of IDEC, who interesting enough was just hired by Merrill, will get his buy recommendation out sooner or later.

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