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Biotech / Medical : ATIS is on the move! -- Ignore unavailable to you. Want to Upgrade?

To: Paul Shield who wrote (1165)	11/15/1997 12:14:00 PM
From: Marshall Teitelbaum	Respond to of 2205

Paul, Not a question which can be answered yet. ATIS hasn't had any secondaries for some time now, but you never known when things will happen....and to those concerned, this isn't a warning about anything up the pike, as I have not heard anything one way or the other, nor am I immediately suspicious of anything. The large number of shares has always been one of my concerns here, but generally there hadn't been any other major ones along the way which wouldn't be generally had for any biotech company. There are still questions for both ORG and ATIS, and if either or both follow through with what they promise, this will be the answer to your question. The share pool alone doesn't necessarily mean anything, as success in their fields is the telling answer, and both could do phenomenally well. Nevertheless, dilution would ultimately still be a concern for ORG as they move their number of shares up, too, as if memory serves they will now be a bit over 23 million, but this won't mean a thing if apligraf truly works and brings in the revenues it has the potential to. The concern is the hype and rumors which have abounded for ORG, as rumors talking about FDA approval in mid-november have no basis that I can think of barring total insider knowledge from the fda, and the @2 year delay is not a desirable thing, as there will not be a panel meeting at any time this calender year, and without a Novartis buyout, the longer the delay, the more the risk for a company which can't survive forever. I would be very concerned for ATIS is they don't get on a panel during the first half of the year for dermagraft, so you can imagine why I would be suspicious of the delay for ORG, even though this is just my own personal concern, and not necessarily a sign of what is to come. FWIW, I hope that it all works out for all of us, as patients would win, too. I just feel that there is even more risk with ORG than ATIS, and I already have enough risk with ATIS, or the market in general at this point :) Good luck, and have a nice weekend. Marshall