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Biotech / Medical : Incyte (INCY) -- Ignore unavailable to you. Want to Upgrade?

To: software salesperson who wrote (1426)	4/20/2000 2:27:00 AM
From: Vector1	Respond to of 3202

Software, Thanks for sharing your notes with the thread. I couldn't ageee more. I have always been impressed with INCY's managemnt. Scott is a visionary and Whitfield is solid. Think about all the money they are going to make selling clones from their proprietary collection. When we look back 5 years from now there will be a lot of people wondering how the missed INCY and MLNM. V1

To: software salesperson who wrote (1426)	4/20/2000 2:29:00 PM
From: Steven Rachbach	Read Replies (1) \| Respond to of 3202

I like the part about 692 Million in cash. I think there is a qualitative difference between where we are now and where we were before the dramatic rise in share price in recent months. We started in the 20's in December, skyrocketed to 289 and are now back down to 75. The good news (besides having the share price 3 times higher now than in December), is that during the journey to 289, Incyte was able to raise a lot of cash courtesy of high share prices. In early February, they sold 200 Million worth of a preferred issue convertible at $134 and later in the month, privately placed 422 Million worth of stock at $211 per share. That amount of dilution was a small price to pay for a warchest of funds which can now be used for operating expenses, acquisitions, and other uses. Each share of Incyte at $75 represents $24 in cash -- not bad. Companies like Incyte and Human Genome Science (which has close to a billion in cash from its offerings) are left in a relatively strong position because they were shrewd enough to take advantage of the genomics craze of early '00 to secure their places as dominant players in what is sure to be a dominant industry.