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To: jerry carlson who wrote (786)	5/8/1998 2:28:00 PM
From: nghi vu	Respond to of 1491

not Soros, doing a deal with soros will be the worst thing that will happen. Soros will take the farm as he always does with his deal. He is no different than the rest. I used to follow a few of Soros's investments. Not all were successful but he diluted every company with warrants and convertibles. Just my 2 cents

To: jerry carlson who wrote (786)	5/8/1998 4:00:00 PM
From: Ariella	Respond to of 1491

Dear Jerry, to be honest I think the game plan is to have the joint venture partner in place well before Quarter 1, 1999 (as I have recently written). That's why, in my opinion, the HU-211 study is probably going to be opened after Stage 2 is finished. If all works according to plan, the venture partner will belly up to the table with a nice fat progress payment, more than BOL did. That, plus the initial revenue from Alrex and Lotemax, ought to significantly lower our need for equity offerings and their attendant dilution of earnings. A great deal hinges on the progress of HU-211 this year. That is, in my opinion, the main investment risk here. Regards, Ariella