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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: lrb who wrote (38)	2/10/1998 5:40:00 PM
From: Biomaven	Respond to of 4974

lrb, As I recall, only 10% of the offering was Salk shares. So the company doesn't get new capital, and anyhow Salk might still sell its shares on the open market. Still doesn't seem like good news to me, but then I don't follow SIBI that closely, although I like to keep an eye on it. Peter

To: lrb who wrote (38)	2/10/1998 9:00:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 4974

Peter/Larry: I can only guess. I'm guessing that Salk has changed their mind. I'm praying that Salk has changed their mind. There have been recent big developments that have not ticked up volume, much less dented the share price. SIBI is invisible to the investor. Peter.... that's why I was pleased. The dilution was going out at a low share price, and the 250K Salk shares would have added to the float but added squat to the coffers. Furthermore, if I'm correct and Salk has decided that they're likely to make more by hanging in, it may be a reflection of progress with the pipeline. There could be "mega-downside" reasons for the withdrawal too, of course. For example, they could have said something in the prospectus that just didn't turn out to be correct. I don't think so. I highly recommend that anyone with an interest in SIBI obtain a copy of the recent prospectus (subject to completion, which isn't going to happen, dated 11/6/97) and compare it to that of 5/9/96. One can't do that without walking with the impression that the BMY collaboration is going well. Given this and the licensing program for the screening technologies, IMO, failure with 1508Y is built into the share price. The 1508Y phase II is launched, and I think that it's going to be tough to blind the study. That is, I feel that physicians are already beginning to judge the compound. I posted the offering withdrawal to this thread as it was relevant to financing of a Lampert company. Let's leave further discussion of science/progress to the SIBI thread, as there are a couple of neurologists that hang out there. Cheers! Rick