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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 (255)	8/10/2001 12:54:27 PM
From: Dave	Respond to of 370

siliconinvestor.com NEW HAVEN, Conn., Aug 10, 2001 /PRNewswire via COMTEX/ -- Vion Pharmaceuticals, Inc. (Nasdaq: VION chart, msgs) today announced that it has entered into an agreement to sell 2,500,000 shares of its common stock at $5.00 per share in a public offering. Ouch, VION is simultaneously lowering its share price by 20% and increasing the number of shares outstanding by 10%. At least this explains how they plan to stay afloat without running out of cash. This additional $12.5 million should keep them solvent for another year at their current burn rate. But I'm sure glad I don't own any shares today! Maybe after the fallout from this announcement settles will be a good place to buy back in. Assuming this is the last dilution. Think it will be? Will another year be enough time for VION to become profitable? Dave