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To: reaper who wrote (170029)	6/4/2002 10:41:37 PM
From: LLCF	Read Replies (2) \| Respond to of 436258

INCY: <<OK, if $200mm in a busted convert is "little" debt, then I agree. They do have +/- $540mm in cash against that convert, so they have over $300mm in net cash against a +/- $425mm equity market cap>> you have to also remember that with INCY you have a company that ALREADY has it's business plan in order with cashflow, etc. The only reason they are NOT profitable is that they continue to spend very heavily on R&D. This is not a company looking for it's first drug like many of the others. dAK