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Biotech / Medical : Vion (formerly Oncorx) interesting play on Gene Therapy -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (201)	8/18/2000 12:55:12 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 370

NEW YORK -- Shares of Vion Pharmaceuticals Inc. (VION) rose for the third-consecutive day Thursday. The stock rise follows the company's announcement of a fresh cash inflow from the exercise of purchase options, and of a new application for its main diagnostic technology. Vion executives declined to comment, but apparently two press releases recently issued by the cancer-research biotechnology company attracted investors' attention. Monday, the New Haven, Conn., company said it had received $2.76 million from the exercise of the company's remaining 113,333 unit purchase options, which raised the number of its shares outstanding to 25.96 million and its cash resources to about $29 million. In a 10-Q statement recently filed with the Securities and Exchange Commission, the company estimates that its existing cash, cash equivalents and long-term investments of $27.22 million will be sufficient to fund its planned operations through 2001. Earlier this month, Vion announced that it had been awarded - together with the Memorial Sloan-Kettering Cancer Center - a $141,000 research contract by the National Cancer Institute to study the use of Vion's Tapet bacterial vector technology for the diagnostic imaging of tumors. Vion's stock started seeing some upward price movement on Tuesday, when the shares closed at $9.75, 37 cents higher than the previous close. Wednesday, the shares rose by another 50 cents. They were recently trading at $11.13, up 88 cents, or 8.5%, on volume of 289,300 shares, twice its average daily turnover. A Brean Murray & Co. analyst who covers the stock wasn't immediately available for comment snip<> Jim