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

To: Bruce Long who wrote (1304)	1/21/1998 11:33:00 PM
From: Marshall Teitelbaum	Respond to of 2205

Bruce, Not sure right now, although it was a bit over 4 million at the end of december, and the short %s should be due out shortly in Barron's, so you may want to check the next few days' issues if you don't normally. I'd be curious to see what it is currently if anyone has access to this info. It looks like there has been some short covering more than likely so far, but I wouldn't guess that it has been tremendous thus far. What will happen between now and the panel, as well as right after, is potentially as easy to guess as each person's guess. I can't imagine that there will be a major short squeeze at this time, as many short sellers are simply not convinced that dermagraft will hit it big revenue-wise and will hold , although if there starts to be more of a run, expect some momentum to gain as coverage would be forced to occur, and like with panic selling, panic covering can occur. In other words, we'll just have to watch and see what will happen in the short-term, but it sure looks like the price itself is fairly solid right now with accumulation taking place. It was nice to see it hold up well with a poor market and poor biotech environment today, including generally for the others in the same industry. For potential, keep in mind where past highs were to use as a basis. Remember for those paying a lot of attention this week that all of atis' future isn't necessarily based on dermagraft, assuming dermagraft gets through especially, as this would allow them the revenues and credibility to keep the pipeline going, as well as develop other indications, and these may ultimately tell just how valuable or not this company becomes years up the road. Regards, Marshall

To: Bruce Long who wrote (1304)	1/22/1998 8:51:00 PM
From: Marshall Teitelbaum	Read Replies (1) \| Respond to of 2205

Bruce and all, A Form SC 13G/A was out today. Nothing new, except showing that the State of Wisconsin Investment Board still owns 2,404,800 shares of ATIS, the same as the filing from exactly one year earlier(although the % of total shares owned dropped from 6.42% to 5.87% with the addition of a few extra shares added, primarily courtesy from S&N.....this gives a rough number of total shares which is a bit over 40 million, which sounds a bit higher than what I had heard, which is 39+ with the 20 million$ infusion from S&N. Worth checking out where the discrepancy is. Volume looked to let up a bit today, which could be interpreted in several ways, but with the very slight drop could be taken as a sign of consolidation, which would be a positive sign for continued positive movement, even if not as much as fun as a straight shoot. The market turbulence doesn't help either. Of course, you could say that accumulation is starting to slow down, too, so we'll get a better idea shortly. Regards, Marshall