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Biotech / Medical : Alliance Pharmaceutical

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To: Alok Sinha who wrote (357)	5/17/1999 5:32:00 PM
From: Joinvestor	Read Replies (1) of 548

Alok Sinha Thanks for the response. It was well thought out and articulate. The problem that I have is that it has gotten to the point where they have to raise equity in the 3-4 range. That concerns me because it says that they can not raise capital in another market and are thus forced to give away equity and what I feel is a deflated price. I would prefer to see another partner come on board to help in the funding. One issue of note however, if they are as close to the promised land as we hope, then the sale of equity in the 3-4 range is probably a lesser evil than if they gave away rights to a development partner. The only problem is that we have no way of telling where we will be in 12 months when the additional funding runs out. I think they are betting the farm that Imagent will be on the market and funding the completion of the other products. If it is not, I think we are done and a sale of the assets is likely. Either way, I am on board sink or swim. As I see it, at this point the down side is 3 and the upside is significantly more. JMHO JO

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