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Biotech / Medical : Gliatech (GLIA) -- Ignore unavailable to you. Want to Upgrade?

To: Asymmetric who wrote (433)	5/21/1998 11:28:00 PM
From: M. P. McNamara, Jr. M.D.	Read Replies (1) \| Respond to of 2001

Thanks for bringing the Yahoo GLIA post to my attention. I have been reading the board for the last several weeks. Some thoughtful posters over there (one of whom I had the pleasure of meeting at the Annual Meeting). I will post a summary of the meeting over the weekend. I need to go over my notes (and audiotape) before composing the post. In short, no striking news or any revelations that are not already known to close followers. Management was conservative and cautious because of SEC requirements relating to the offering and what they are and are not permitted to say. I did promise to provide a summary, and so I will, on Monday, primarily to benefit those who are new to this stock. A few comments on the Yahoo post: The secondary offering will provide the capital to finance the rollout of Adcon-L and the other research programs. I am pleased that it was announced before the annual meeting (management is being upfront with shareholders and it displayed a willingness to deal with any potential criticism about the offering at the meeting--although there wasn't any). The market is also in agreement that the offering is necessary and appropriate. McDonald & Co was the Cleveland based brokerage that handled the IPO. They are still a market maker but have done little to help get the story of the company told. No formal research report etc. GLIA cannot be faulted for using another brokerage this time around. Why should McDonald be rewarded for it's lack of activity? There will not be a Phase II because there is no Phase II for medical devices. A fellow investor enlightened me at the meeting devices go from a pilot to a pivotal trial (I must have missed class the day FDA regs were taught in med school!. The Adcon-P pilot trial enrollment has been completed it appears reasonable to assume that the company will get the go ahead to commence the pivotal trial in the late summer or fall. I got the sense that there is real optimism about progress with Adcon-P.