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Biotech / Medical : Zonagen (zona) - good buy? -- Ignore unavailable to you. Want to Upgrade?

To: scott harrison who wrote (1084)	12/17/1997 8:06:00 PM
From: Bill Wexler	Read Replies (3) \| Respond to of 7041

As I said previously - the stock buyback announcement was a strategic error. They have basically stated the following: "Oops...now that the cat's out of the bag and the news is getting around that Vasomax is a generic drug which doesn't stand a snowball's chance in Hell of getting approved for ED, let's start playing stock-shuffling games." It is a big red flag for a development-stage speculator when a drug company claims it can find no better use for its capital than to buy its own shares. Let's think about this for a minute....they are buying shares which are losing 3 bucks apiece, and they still don't have any significant revenue stream...in fact, they haven't filed an NDA yet!!! This maneuver makes Zitel's bogus stock split last year look like a brilliant move by comparison. At least Zitel had the foresight to juice the paper a few months before the bad news wormed its way out. The next time Zonagen wants to steal money from investors (if there is a next time) perhaps they should consider paying off some more intelligent shills. At this point, I believe the stock is broken, and will continue sinking. I'll also continue to increase my short position on any upticks.