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Biotech / Medical : Pharmacopeia, Inc. (ACCL) (Prev: PCOP) -- Ignore unavailable to you. Want to Upgrade?

To: Pseudo Biologist who wrote (63)	2/11/1998 6:19:00 PM
From: Susan Rodney	Read Replies (2) \| Respond to of 179

P.B. Let me try to answer your questions as best I can: 1. From your first point, can one conclude that PCOP is endorsing, or is at least "comfortable" with ,the analysts' projections? As always, Pharmacopeia does not guide analysts towards formulating their projections. However, management is in fact "comfortable" with the estimates that are currently on the Street. 2. On insider sales and the like, could you comment on the apparent lack of buyers even when the stock came close to the 15 range? I really have no insight into this. All I can suggest is that you take a look at the Carson Small Cap index. Over the past several months we've tracked it like a glove. So my sense is that it was more of an industry phenomenon than anything company specific. 3. I understand that Corning was a close to 50% owner of MSI; thus, it will be getting more than 3 million shares of PCOP upon completion of the merger,is this right? Is Corning agreeing to any sort of lock-up period for these shares? Corning currently owns approximately 35% of MSI. Post merger, they will own approximately 12% of the fully diluted shares. Because they will own more than 10% of the outstanding stock, they will be considered an affiliate. As such, my understanding is that they will be subject to the "dribble rule" which limits them to selling only 1% of the outstanding shares each quarter. I also believe that they won't be able to start selling until the 3rd or 4th quarter of this year. This is my understanding, but please don't take it as gospel. Hope this helps. Sue