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Biotech / Medical : ORTC Ortec International -- Ignore unavailable to you. Want to Upgrade?

To: red turtle who wrote (122)	4/6/1998 2:16:00 AM
From: fut_trade	Respond to of 272

Message 2302755 Added 500 shares to my IRA the other day. Peter

To: red turtle who wrote (122)	4/6/1998 11:03:00 PM
From: Jake	Read Replies (1) \| Respond to of 272

I am paraphrasing the analysis a little bit, but If all goes well ORTC has a potential value of $120. At the end of this year two things are expected to happen. ORTC may need some cash. There will probably be an equity offering. Later on in January of 1999 the warrants (call letters ORTCZ) expire. These two events will have a dilutive effect bringing the value down to $60 per share. Discounting risk and time the intermediate term value is placed at about $23 per share (a double from $12). Now, that discounted value may be somewhat higher due to what happened with ATIS and the fact that ORTC filed for orphan device status on schedule in March. As time goes on and ORTC hits their targets the discount rate decreases (ie. the risk factor somewhat decreases). So there you have it.