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

To: Dr. John M. de Castro who wrote (1589)	11/5/1998 8:42:00 AM
From: Steve Harmon	Read Replies (1) \| Respond to of 2742

John de C, There does seem to be a bit of "ghosting" taking place in Cistron's stock. This is why I have been advocating a open market share buyback for quite a while now. Not doing one has "allowed" this to occur and failed to protect shareholder assets at these levels. Cistron's stock is still in the 1/2 cash level even with 2 investment bankers on the payroll for stock support. Who or whom has been "enhanced" by not doing a buyback? The shareholders? The last excuse for not doing a buyback was exhausted in post #1460. Steve

To: Dr. John M. de Castro who wrote (1589)	11/5/1998 11:26:00 AM
From: Walter Morton	Respond to of 2742

Well Dr. John M. de Castro, the reason I posted my previous message about projecting CIST's year-end net income (excluding law suit income), is because, I believe (and could be wrong),that the $1,000,000 that CIST gets from PMC goes into the cash and the equity section of the balance sheet. I believe, that money never hit the income statement. Even if it did, why would we expect it to have more of an affect on the price than the $12 million did last year. On the other hand, the money CIST pays to Bluestone does show up on the income statement as an expense. If we assume that CIST will get $300,000 this year (From PMC) and the 2,000,000 shares of stock issued to PMC will dilute earnings per share, maybe the market has already reacted to the news: Year-End Projected Net Income: Revenue: $ 800,000 Expenses: 1,100,000 Net Income: (300,000) Shares Outstanding: 26,955,077 Earnings Per Share: (.01) Now, if CIST reduces its R & D by $300,000 Earnings Per share would be $.00. I agree that either of the above projected earnings per share would be an improvement, but it may not be enough of an improvement to make a difference in the price. Further, the $31 million dollars that has been mentioned is, as I have implied in previous statements, "a big IF." I think the stock went up because a few new investors got in late. However, I think the PMC deal is positive news that makes me want to hold on to may shares for at least three more years.