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To: Galirayo who wrote (8501)	10/8/1998 3:30:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 9262

[chat/Ray] >> I don't think anyone will miss much for the moment without them. << Well, agreed and not agreed. ;-) I come from a bit of a renegade perspective. Biotech is almost always a leading indicator. It led the market down in '87, and we now see that second- and third-tier put the heat on early this year. For the past week, everyone has been talking hedge funds and forced redemptions. In small-cap biotech, we've been talking forced redemptions since Amerindo in January '97, and margin calls have ruled the roost for about four months now. So.... I agree with you, but I don't agree. In small-cap biotech, we have reached levels which are worse than 12/94, levels where market caps of excellent companies are significantly below the cash that they have in the damn bank. While everyone is distracted by AOL and Citibank, some biotechs have already arrived. It's time to start picking, and the profits are going to be easy. BTW..... in 12/94, VCs were buying biotech on the open market. Nice to see you back! Rick

To: Galirayo who wrote (8501)	10/8/1998 4:06:00 PM
From: scaram(o)uche	Respond to of 9262

[ more chat/Ray ] >> BTW..... in 12/94, VCs were buying biotech on the open market. << I wouldn't even place SCIO in my top 20, but here's some of the sentiment that will soon spread regarding the second- and third-tier...... Thursday October 8, 2:32 pm Eastern Time Company Press Release SOURCE: Scios Inc. Scios Announces Increase in Stock Repurchase Program $5 Million Added to Existing Plan MOUNTAIN VIEW, Calif., Oct. 8 /PRNewswire/ -- Scios Inc. (Nasdaq: SCIO - news) today announced that its board of directors approved an additional $5 million dollars for the repurchase of Scios common stock. This amount is in addition to approximately $400,000 remaining under a previously announced $6 million repurchase plan. Shares will be purchased on the open market from time to time. ''The current price of our common stock does not reflect the value of our research and development pipeline and assets, which includes Natrecor(R) nesiritide, a product under review at the FDA,'' said Richard B. Brewer, Scios president and chief executive officer. ''As of September 30, 1998, we had more than $82 million in cash and marketable securities; and on an annual basis, our commercial operations division currently generates a net cash contribution of about $8 million.'' Scios is a biopharmaceutical company engaged in the discovery, development, manufacture and commercialization of novel human therapeutics focusing on the areas of cardiorenal and Alzheimer's disease. The company has research and development collaborations with Bayer AG, Wyeth-Ayerst Laboratories, the pharmaceutical division of American Home Products Corporation, Eli Lilly and Company, DuPont Pharmaceuticals Company, Kaken Pharmaceuticals Co., Ltd., and Novo Nordisk A/S. Additional information is available at Scios' web site: sciosinc.com. SOURCE: Scios Inc.