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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: rkrw who wrote (7304)	1/22/2004 9:15:36 AM
From: BMcV	Read Replies (2) \| Respond to of 10280

>>R&D strategy is changing<< ...back to what is was two years ago. I hadn't really thought out what made me uneasy about the debt figure when I made my comment. Your remarks help make it clearer: Soltara fails, the stock goes from $60 to $3.90, management gets religion, focuses R&D, pays down debt, lays out a plan to retire all debt with internally generated funds. Then the stock goes from $3.90 to $30, management sells more debt and expands R&D. What happens if Estorra fails? Has management really learned anything? Granted, it's possible, as you and Rocky point out, that Xopenex and other businesses have expanded to the point that they support current valuations. To me, this raises again the issue of management credibility. I've always viewed them as salesmen first--years ago TB said marketing should guide R&D, not vice versa. I don't think anyone believes SEPR is in business to arm physicians with silver bullets. These guys are opportunistic and aggressive, and they are still relentlessly pursuing their goal of turning SEPR into the next FRX. In my opinion, everything they say has to be taken in that light. Sorry if I'm rambling too much. I've owned SEPR for 9 years now and my nerves are shot. It does look like we're going up today though.