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Biotech / Medical : Zonagen (zona) - good buy? -- Ignore unavailable to you. Want to Upgrade?

To: Linda Kaplan who wrote (3290)	4/2/1998 3:59:00 PM
From: clochard	Read Replies (1) \| Respond to of 7041

They certainly couldn't let the stock tank right after Asensio ripped it. They needed to support it until the patent, and maybe the NDA will keep it from falling for now.

To: Linda Kaplan who wrote (3290)	4/2/1998 4:01:00 PM
From: Anaxagoras	Read Replies (1) \| Respond to of 7041

<<Wondering why you want to keep their heels to the fire if you haven't taken a position yet, one way or another.>> There's two ways to answer this, depending on how you interpreted my ambiguous remark. I'll give the important and interesting one first. A1: So that I can track whether or not management is executing. Quality of management is one of those things for which it's hard to come up with a set of objective or numerical criteria- date setting and whether they hit those goals is one way to do it. Note that I'm obviously trying to isolate a measurable component separate from the ratios you can compile from the financial reports. A2: My "bias", if you can call it that, originally was long and I made good money on that- I then made motions to get a short going due to valuation concerns having sold a while back, but the next day Asensio came out with the report and whacked the stock. I then went long again after it had gotten the crap beaten out of it, and then sold a couple months ago, as I recall. Now, I would "like" to see the company succeed, but I see certain negatives in the issues I sketched out in my prior post. I still think the company may hit it, but the picture is now too cloudy for me to make an investment decision either way and so I'm out and have been for some time. I'm honestly puzzled with this one. Anaxagoras

To: Linda Kaplan who wrote (3290)	4/2/1998 6:24:00 PM
From: Dauntless	Read Replies (1) \| Respond to of 7041

Linda, regarding the stock purchases The following is from the earnings press release <<<At December 31, 1997, the Company reported a cash balance of $73,761,823. As of December 31, 1997 common shares outstanding were 11,480,423. On December 12, 1997 the Company announced that the Board of Directors had authorized it to repurchase up to $10,000,000 of common stock. As of March 30, 1998 the Company had repurchased 288,300 shares (including 61,500 shares repurchased in December 1997) at an aggregate average price of $18.42 per share. As of March 30, 1998 Zonagen had approximately $62 million in cash and 11.3 million shares outstanding.>>> This should clear up some of the questions regarding number of shares purchased by 3/30, cash burns & balances. They went through 12 million in the first qtr. compared to ~$10 million in 4th qtr 97. Looks like they spent $5 million for the stock they purchased. Don't think they've been playing the game your describing, IMHO.