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Non-Tech : Enamelon (ENML) - Does anyone follow this? -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (751)	12/31/1998 2:21:00 AM
From: chester lee	Read Replies (1) \| Respond to of 863

Dale, I think you are covering a little premature. As I said before, I expect the stock to touch (challenge) the 52 week low of 3-1/4. With their current cash burn rate of 5 to 6 million per quarter, they have enough cash reserves for 2 quarters and the cash from the private placement of $5mm (good for another quarter). OK, so ENML has cash for 3 quarters of 1999. They aren't still expected (by their estimates) to be profitable in 1999. I see two event taking place. 1. Short selling by the prefer holders around Feb 28, 1999 2. Another private placement for another 5 to 7 million (probably 10 to 15% dilution). From biz.yahoo.com <<After February 28, 1999, the investors may convert the Preferred Stock into common stock at the lower of a fixed price determined by reference to the market price of the common stock prior to that date or a variable price determined at the time of conversion. >> I expect to cover in the high 3's or low 4's. chester