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

To: Kevin G. O'Neill who wrote (727)	5/12/1998 10:07:00 PM
From: Larry Dreher	Respond to of 998

Hi All, Is there anybody here who has access to instanet quotes to tell me how the stock did in after hours trading? The yahoo board is full of all kinds of bull. Some are claiming the stock is trading at 13 others 21. I'd prefer the later of course:) I don't know how I'll sleep tonight without some kind of indication... Larry

To: Kevin G. O'Neill who wrote (727)	5/12/1998 10:57:00 PM
From: scaram(o)uche	Respond to of 998

[ Sibia's cut ] Is anyone familiar with the royalty percentage that will go to SIBI? I presume that it's very low (1%), as it was purchased down in 1995. Also, I'd appreciate any information, if available, concerning the magnitude of milestone payments due SIBI. Congrats, all. Took fortitude! Rick

To: Kevin G. O'Neill who wrote (727)	5/12/1998 11:59:00 PM
From: Rusty Johnson	Read Replies (2) \| Respond to of 998

Any option traders out there? Thanks Kevin. Must confess to selling the stock yesterday and half of my May 15's today. Couldn't resist a winner regardless of the announcement. My strategy for the next biotech approval (say the stock price is 11 in July) follows: Buy for example, 20 contracts of Aug 15 calls (and some of the stock?). If the price runs 3 to 4 points in anticipation of approval buy 10 contracts of Aug 10 puts. Before the announcement, sell 10 contracts of the calls (and possibly the stock) leaving you, in effect, with a straddle. It seems like biotech stocks were custom made for straddles. Any "straddlers" out there? Was I just lucky this time? I'll take luck. Best of luck everyone.