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Biotech / Medical : Biotime-Nasdaq's best kept secret? -- Ignore unavailable to you. Want to Upgrade?

To: Jim Roof who wrote (709)	2/17/1998 7:11:00 PM
From: Mark A. Voelker	Respond to of 1432

Jim: Sorry for the delay in getting back to you. It's been a 3 day weekend, and I spent it out of town, away from my computer. Well, it looks to me like the shorts spent another $5 Million today (300 thousand borrowed shares dumped on the market), and all they managed to do was hold the price level to 17. I wonder how long they can keep this up before they run out of cash, or credit, or even borrowable shares. Personally, I think a few of these people have got themselves quite accidentally into a desperate position, and now they're just throwing good money after bad in an attempt to put off the moment of reckoning one day at a time. It's easy to say BTIM or any development stage company is a scam, but my research has uncovered: 8 years of work at low to moderate pay for BTIM's employees; 6 US patents awarded, with dozens of claims, and more patents pending; a very rich partnership agreement with one of the most powerful pharmaceutical marketing and manufacturing companies in the US; a first product which has demonstrated safety and efficacy (and superiority) in Phase 3 human clinical trials; a second product which has been committed to by that same large pharmaceutical company (after the results of the first product's clinical trials were in); a company with $6 Million in the bank and a burn rate of $3 Million per year; an oversubscribed rights offering, successfully raising capital without diluting existing shareholders' stock; and finally, directors, officers and employees who are buying stock, not selling it. You can probably make these publicly available facts fit some kind of scam story, but I think a much simpler story behind the recent price movements of this stock is the one I gave at the front of this post. But of course, that would make a few of the short cakes the scam artists, not the crew at BTIM. Time will tell.