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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Steve168 who wrote (17461)	7/28/2003 1:23:29 PM
From: Sergio H	Read Replies (1) \| Respond to of 78523

Steve, a while back we exchanged some thoughts on China plays. Chinese stocks continue to be red hot due to the expectation that China will revalue their currency.

To: Steve168 who wrote (17461)	7/29/2003 7:57:19 PM
From: quasimodo	Read Replies (1) \| Respond to of 78523

PCYC questions :- Hi Steve, took a quick look at PCYC and some questions ... 1) For the 6 months ended dec 31st, 2002, r&d expense decreased to 11,703 as compared to 20,125 due to personnel reductions. Do you have any info on where these reductions were made ? Will it hurt the development pipeline in the future ? 2) Cash burn - they have been averaging cash burn @ 28,945 for the past 3 years. So this year, they should have net cash + marketable securities = 72,468 which leaves a net value (excluding all liabilities) of about $4.3 at year end. What are your estimates of net-net value at fiscal year end ? 3) Options - 654,469 oustanding at a weighted average excercise price of $4.14. Do you see any dilution because of this ? 4) Drug trials - I am not very familiar with this process. Would you be able to explain a little more about how this works and how long before the drug is approved ? 5) Leases - The company has non-cancellable leases expiring in 2004. Do you consider this as debt ? What do you think the company can get when they renew the lease in 2004 ? 6) Competetion ? Thanks, Nice idea