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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Mark Adams who wrote (31269)	8/19/1998 5:38:00 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

Mark, This is an interesting preferred issue, with another $6 million for sale in September. That will give them a total of $20 mm in cash to work with. This doesn't look like an issue I would want to own, as you are simply paid 10% a year in stock or a share of royalties. If the product is going to sell, I'd rather be in the common. Now we know what has been driving the stock down. These offerings always do it. Yes, she is buying time, but that is what you do at bio cos. The question is whether we can expect to have any news on the Phase III trials before this cash burns up. I suspect the answer is yes, but I wouldn't mind hearing them say so. MB