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Biotech / Medical : GLGC Gene Logic -- Ignore unavailable to you. Want to Upgrade?

To: Mike McFarland who wrote (231)	11/29/2006 10:18:40 PM
From: Mike McFarland	Read Replies (1) \| Respond to of 360

I am going to cross post a message I put on the Yahoo glgc thread today, just a rant. I corrected a few typos... Buy Low? I'm into GLGC around $1.53, started buying a couple weeks ago. It is hard not to have some enthusiasm for a stock that is trading for cash. I'm guessing that a few million will come for shedding part of the business, which is fine, that will partly compensate for the burn this current quarter. How they are to make money from the drug repositioning unit in the short term is not clear to me, but it seems unlikely there will simply burn through the remaining $40M, or whatever it is right now. The stock is down 99% from the all time high (granted, that was meaningless because it coincided with the dot com tech boom). Anyway, they have a chance to exit from the stage somewhat gracefully by turning this over to some smarter managers. I say sell this off for $100M to a Celera or whomever. That is a swap for the remaining cash, and $50M for the DR program. Why not? Alternatively, they could just let this bleed a bit more, and then do the same thing as DPI did with Infinity. Just give the keys to a pre IPO company for the listing. The stock is supposedly off 6% afer hours to something like $1.39--that suggests to me the shares are being controlled to keep them off the radar. Or the stock simply sucks, ha ha. fwiw, I've put my money where my mouth is. Not that it matters, stock picking is hazardous. I wonder if I'll ever get the hang of it. ------------------ Using that after hours quote, and my cost, I show that I am down 9% on this. What I fear, is that the powers that be have a target of $1, and they'll take it down to that point before we start seeing some decisions. That would suck for me. I got into DPII too early too--My first shares were bought around $3.30, and that declined another buck a share before rebounding to my original cost. I fear the same thing could happen with this. Getting your money back is okay, but I'd rather have known just how low it will go...