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Biotech / Medical : PLC Systems -- Ignore unavailable to you. Want to Upgrade?

To: Harami who wrote (628)	4/21/1998 7:53:00 PM
From: ctirry	Read Replies (1) \| Respond to of 1202

I sold position in PLC yesterday. I had been in & out of this company since it was on the Vancouver Stock exchange several years ago. My reasons for selling are as follows. The FDA committee will either approve or not approve the laser this Friday. If it is negative the stock will go to single digits and then drift down. Now in fact I think the FDA will approve the laser since it does work in relieving angina. The street agrees and that explains the rise in stock price to 19. However after approval what will happen? "Everyone" in the stock will attempt to sell on the good news and the stock price will drop. Some may disagree and point to Pfizer whose stock jumped and continues to go up with approval of Viagra. However I don't think every middle aged man will rush to go out and get their heart lasered as they are now waiting on line to get Viagra. Now let's look at the competition-there are at least two companies(?cardiogenesis and ESTI?) who are planning on filing for approval for a laser device to perform transmyocardial revascularization percutaneously. If transmyocardial revascularization works it is certainly easier to do it like an angiogram without general anesthesia. The nine month delay in getting approval for PLC's laser may prove significant. I'm afraid those who are expecting to sell at thirty after approval may be disappointed.