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Biotech / Medical : Texas Biotech (TXB)

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To: MarcG who wrote (112)	3/9/1997 6:47:00 PM
From: NVestor	of 834

Agree with your point about the premium value. Note, however, that in my calculations, I did not include any premium value at all for the price multiple of the stock vs a price multiple for the warrant. So if some premium value were factored in, the difference would be even more dramatic than noted (for the prices of the stock specified). The rate of rise in the stock and the time left on the warrants will dictate that premium, as I am sure, you are aware.

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