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To: Mike Farmwald who wrote (1003)	3/25/1998 9:49:00 PM
From: TheLineMan	Respond to of 1521

Breaking down the last 3 quarters I get a consequential drop in revenues down 50% on the last quarter. June 97 Sept 97 Dec 98 Product Revs 308k 392k 223k Research Grants 394k 441k 138k Licensing 0k 250k 100k With product revenues falling 47%, no more licensing fees until next year and the research grants slowing to a trickle - their current quarter must be a beaut. They only mentioned the one contract that is not due to even start shipping until next quarter. I can't see more than a couple 100K this quarter. It's barely a month since they registered their last convertible. At this rate they're going to be doing $3 million in discount convertible every quarter.