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To: Bruce Denney who wrote (5911)	2/2/1999 6:00:00 PM
From: AJ Berger	Respond to of 27722

CBOE Contracts don't indicate a winner (01/29/99) Cell Pathways options will trade on the January expiration cycle with introductory expirations in February, March, April and July. Initial strike prices have been set at 20, 22-1/2 and 25. Susquehanna Investment Group has been named the designated primary market maker (DPM) in the options. CLPA took a dump from $28 to $8 when Their announcements didn't pan out, and they had options starting to trade around the same time. "60 days an counting" I'm getting the impression that any IPO announcement date may in fact NOT be written in stone, and this is a generalized period that a CNBC commentator, later confirmed by a NAVR insider, felt was the likely period in which the IPO announcement would occur. I am trying to get more information from Investor Relations, but they are all "in meetings". So possibly I am wrong to fixate too much on any one date. I will post any DD I can get out of IR.