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To: C Wright who wrote (7354)	4/22/1998 1:34:00 AM
From: John Metcalf	Read Replies (2) \| Respond to of 9262

{CYPB} I haven't followed this company. Rick is familiar with the San Diego biotech community. First, they have a lot of shares out (37.2mm, market cap $120mm). They burned $9mm last year and had $8.5 in cash at year end. Stopping the PhIII Prosorba trial early (because efficacy was statistically significant) is a good sign, and will conserve cash (clinical trials are expensive). If they apply for a PMA in mid-98, they'll still need more cash to get to market. In the last crunch, they sold 3.85mm shares at $1.45 in October. There are competing arthritis treatments. Enbrel, from IMNX acts directly against TNF in the blood; Prosorba is thought to filter it out. Then you have convenience issues, marketing issues, reimbursement, etc. I understand CYPB's need for someone to help them to market, but who wants to buy this relatively low-tech (but effective) treatment for $120mm plus premium plus expenses? Thanks for the birthday greeting -:)