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

To: Steve Harmon who wrote (1572)	11/3/1998 7:12:00 PM
From: Joe Wesley	Read Replies (1) \| Respond to of 2742

Hi Steve: This is the only stock I've ever seen where a 1:50 reverse split would make some sense. Amateur

To: Steve Harmon who wrote (1572)	11/3/1998 10:59:00 PM
From: Dr. John M. de Castro	Read Replies (3) \| Respond to of 2742

Steve, let's be accurate about this. CIST does not have a $33 million partnership. All that transpired in this agreement is to set up the conditions by which PMC can spend 3 years deciding if they want to engage in a $33 million partnership. That is very far from a done deal. In fact, all we can be sure of is that this deal is worth about $2 million to CIST in equity investment and research expenditures and 7% of that belongs to Bluestone. It will be a long time from now before we find out if CIST has a $33 million partnership. I understand and applaud your zeal in supporting the case for the undervaluation of CIST. I completely agree with you that it is rediculously undervalued. But, lets not get carried away and overinterpret what CISTs value is. Let me suggest that CIST buy the shares that they are selling to PMC on the open market rather than creating new shares. At current prices CIST should be able to do this for less than they're selling them to PMC for. They can provide PMC with their shares, support CIST stock price, make a profit, and prevent a further dillution of CIST stock value. Sounds like a winner to me! John de C