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Biotech / Medical : Pharmos (PARS) -- Ignore unavailable to you. Want to Upgrade?

To: LLLefty who wrote (313)	12/9/1998 2:42:00 PM
From: Ariella	Read Replies (1) \| Respond to of 1386

What I want to know is how come I went first picking a date and people are crowding around my pick all of a sudden? ;-) And, just for the record, today's S-3A filing is simply an update/amendment to the one filed September 4th, 1998. I'm not sure of the SEC rule on this, but it may be possible that the company is supposed to update this document on a quarterly basis until the shares are actually issued and that's what might account for the appearance of this document this week, three months after the original filing. The texts of both documents are basically identical and in both the company checks off the box to say the securities being registered "are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933." I read this to mean they are still not issuing said shares immediately. Information on the number of shares outstanding and what is waiting in the wings is updated for the Series C Preferred Stock holdings: Common Stock to be outstanding after the Offering amounts to 42,355,843 shares as of 12/9/98, up from 40,270,949 shares as of 9/4/98. In both cases, the common stock figure does not include warrants/options and the Series C Preferred Stock. In September there were 2,951,245 shares issuable upon the conversion of 4,500 shares of Series C Preferred Stock which were then outstanding. (The assumed conversion price was $1.5248.) Now, in December, there are only 967,742 shares issuable upon the conversion of the remaining 1,500 shares of Series C Preferred Stock. That figure is calculated at an assumed conversion price of $1.55. In short, we're two-thirds through the conversion of the Series C Preferred Stock.