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Biotech / Medical : Cistron Biotechnology(CIST)$.30 -- Ignore unavailable to you. Want to Upgrade?

To: Zvi Yammer who wrote (1372)	8/27/1998 1:42:00 PM
From: Christina M. Young	Read Replies (1) \| Respond to of 2742

Actually, I am surprised that no one has said anything about the appointment of Frank Iris as a director (mentioned in the shareholder letter). Bruce Galton is stacking the board with his Becton-Dickenson buddies! Why doesn't he get someone from another biotech company? Christina

To: Zvi Yammer who wrote (1372)	8/27/1998 1:55:00 PM
From: Steve Harmon	Respond to of 2742

Zvi, Good point. I still like it that PMC is taking a risk buy buying 1.3 million shares at 75 cents. This currently puts them under $663,000 on those shares...the warrants are currently worthless to them...unless they start talking at ICAAC in the next few weeks. Then the warrants are worth several millions to them. PMC is a major sponsor of that medical conference. Steve

To: Zvi Yammer who wrote (1372)	8/27/1998 1:56:00 PM
From: Rudy Saucillo	Read Replies (2) \| Respond to of 2742

Just a few points, Zvi... (1) The terms outlined in the letter of intent state that PMC will purchase Cistron stock at 75 cents/share. That's a very reasonable price and PMC is certainly not valuing the technology at zero. (2) The PMC deal is hardly a fiasco. The terms, as I understand them (or at least as I think I understand them) are favorable to Cistron. (3) PMC can buy Cistron shares on the open market. They won't; PMC simply wanted access to the Cistron vaccine adjuvant technology. (3) As a first step, it's as strong a partner as Cistron could have hoped for. It should clearly be a major selling point as Cistron investigates merger/company sale opportunities. That is, they have cash out the yang-yang; have a major partner in their vaccine adjuvant technology program; and are unpartnered (opportunities for in-house development) in other areas including cancer, wound healing, sepsis, etc. (4) Once investors recognize (3) above or once a "joint venture, merger or sale of Cistron" deal is announced, our stock will finally be valued appropriately. Rudy