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Biotech / Medical : XOMA. Bull or Bear? -- Ignore unavailable to you. Want to Upgrade?

To: Thomas J Pittman who wrote (10861)	7/22/1999 10:46:00 AM
From: Biomaven	Read Replies (2) \| Respond to of 17367

Hey - the upside of needing to sell stock to raise money is that the underwriters lift up their snouts and say nice things about you. <g> A respectable deal by the way - companies are finally learning that selling straight stock at a reasonable discount is better than the toxic convertible/warrant-laden deals that we often see in the lower tiers. BTW, I very much doubt the purchaser got a peek at the results of the trial. The cynical might even ask why the company would sell stock now at under $6 if they were confident that the trial results would be favorable and they could sell stock at some multiple of that a few months from now. Peter

To: Thomas J Pittman who wrote (10861)	7/22/1999 12:00:00 PM
From: dwight martin	Respond to of 17367

When I said, "If you had $3MM to invest and someone suggested a biotech company with important trial results pending, what information would you require?" I meant to say that an outlay of $17MM (not $3MM as stated) calls for a lot of DD.