Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: RockyBalboa who wrote (404)	5/14/1999 11:37:00 AM
From: Anaxagoras	Read Replies (2) of 1438

<<Just bought some of this fine stock at $1. We will see. Maybe it does the gapsky again? Sure it is a gamble.>> You are a better trader than I; I picked some up at 1 and 5 teenies and I've got a limit order for more. I've actually followed this one a little before, but one of the things that kept me away from it was the convertible deal. Very interesting that it traded down on this. Either it's been misinterpreted as a detrimental drain on cash or folks are really scared by the delisting possibility, which is a serious risk and increases with every down tick. But the thing is so incredibly, ridiculously cheap it's worth the whirl, IMO. Do you realize that it's now capped at about $4 million? They've spent about $85 M in R&D alone over the past five years! They have over $12 M in cash on the most recent balance sheet; after the deadly reverse split they have 3.4 M shares out (according to S&P comstock)- you do the math for cash per share. It's usually a mistake to buy a biotech on the fact that it trades for less than cash per share, but I think this is kind of ridiculous. Burn rate has run about $2 M a quarter so they've got quite a few quarters to go. But again, it's so small now it will be hard for folks to get too excited here, and the delisting risk is big. Corrections and comments invited. All IMO, Anaxagoras

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