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Biotech / Medical : Insite Vision Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Awashonks who wrote (813)	8/6/1998 11:34:00 AM
From: Todd	Respond to of 1060

I thought ISV was in negotiations with several partners? so all of them only want to pay $4/5 per share? Todd

To: Awashonks who wrote (813)	8/6/1998 5:46:00 PM
From: William L. Molair II	Read Replies (1) \| Respond to of 1060

I thought it was interesting to hear that there was only one company. Hope we are misinterpreting his comments (e.g. still several companies in the hunt; but one of them is interested in buying ISV). Also, if there only is one company involved - surely they know of ISV's cash position and will drag negotiations out trying to get a better deal for the test kit license. God help us if the test kit doesn't exist at this point. I called the company this afternoon; but, no one returned my call.

To: Awashonks who wrote (813)	8/11/1998 6:15:00 PM
From: BelowTheCrowd	Read Replies (1) \| Respond to of 1060

I heard Murphy speak at the show in San Francisco this weekend. This is my take from the conversations, and I obviously may have misinterpreted so don't hold him to my words: The guy he hired was an industrial spy of some kind, but apparently legal, if not necessarily very good. He says that INSV are down to talking with a single company, but that the company does not want to pay enough, probably no more than $5 per share AND they want to see a working test kit. INSV claims the test kit is done and has been demonstrated to potential partners. Murphy implied that he didn't know whether the "spy" was wrong, or management was lying. I also spoke with Lissa Morganthaler who runs the Biotech fund and DOES NOT hold INSV (should be easy enough to check that out). Her take on the company is that they have great technology and should have great licensing deals, and that all the problems are management related. Essentially comes down to a CEO who believes he knows everything and is impossible to deal with. She was pretty clear that she would not buy the stock until the CEO was forced out. That was stated as more of a "when" rather than an "if." Again, those are my impressions of what she had to say. What's pretty clear in any case is they've got to do something, because the VCs/Board won't let them sell any more stock and cash is dwindling. Sounds like the guy will either cut a deal or be forced out and replaced with somebody who will. The problem I see is that the ultimate deal might be done in desperation, rather than from strength. Never a good situation. mg