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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: Torben Noerup Nielsen who wrote (1336)	2/10/2000 10:09:00 PM
From: John Metcalf	Read Replies (1) \| Respond to of 4974

Torben, I like Gliatech partly for the revenue stream, which should increase with follow-on ADCONS. I think that Rick's point is that they don't have the money to advance all their potential products. For example, the H3 program indicated potential in both agonists and antagonists, but they haven't moved both. Patents have finite end-points, and development/approval is lengthy. Raising cash now could enable more products to come to market faster, resulting in longer periods of exclusivity, and eventual larger value. In today's market, "eventual value" can be priced into the stock very quickly. And there's always the possibility of not being able to raise money when disaster strikes and it is most needed.

To: Torben Noerup Nielsen who wrote (1336)	2/10/2000 11:20:00 PM
From: scaram(o)uche	Read Replies (3) \| Respond to of 4974

Torben: I don't want them to sell shares at $19. I want them to very clearly communicate their business plan to the street and investors, and then sell shares at $60. Damn it. I just want some clear communications about the company's potential and plans. Or, forget selling shares -- do a "Leukocyte". Or, do a "Chiron". My point is, FRIGGING do something, Dausch! We have one of the most leveraged business plans in biotech, and these guys are just sitting and floundering, making like sitting ducks. Grrrrrrrr................. But, I agree with you, fully..... the last thing that the company should do now is sell shares after this protracted mess. Never, ever have I seen a management team fail to make a transition like this team has failed. In 1998, I was indicating that the name Oesterling might make it, someday, side-by-side with Rathman and Johnson. Poof, opposite end of spectrum. Rick