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Biotech / Medical : ARIAD Pharmaceuticals -- Ignore unavailable to you. Want to Upgrade?

To: Dr. John M. de Castro who wrote (466)	2/7/1999 12:10:00 PM
From: Jongmans	Respond to of 4474

Dr.de Castro, I have given part of the text of page 1 and 2 of Exhibit 4.3 of the 8K literally. In my view it is very clear and gives no base for mis-interpretation. Please indicate where is the base for your conclusion!!! I can find it nowhere in this 8K!!! Best regards, Martin

To: Dr. John M. de Castro who wrote (466)	2/7/1999 12:56:00 PM
From: rkrw	Read Replies (2) \| Respond to of 4474

John, The shares were registered in December and totaled nearly 6M shares, which may include warrants I believe. Your conspiracy theories regarding the "C" holders shorting the stock is far fetched. Perhaps Ariad tipped them off to the January run and had them short once the stock hit $3 1/2. The risks here shouldn't have come as any surprise. The offering was announced and SEC filed last November for all to see. A cash hungry biotech selling for a buck and change with heady goals is ripe for dilution. The convertible holders merely took advantage of what Ariad offered them, cheap shares for short term cash. Lowered risk with the discount. I recall your urging Ariad to alter the terms of the warrants to your favor, so I see conflicting opinions on the relative merits of dilution. On the flip side and I didn't see you note this, is that Ariad recently issued HMR shares at over $12 per share, in raising $5.7M.

To: Dr. John M. de Castro who wrote (466)	2/7/1999 4:32:00 PM
From: Jongmans	Read Replies (2) \| Respond to of 4474

Dr de Castro, I have the full 8 K in my possession since November 13 1998. I have read it several times, as well as some of my friends. We all come to the same conclusion. On base of the articles, put down in my message 465, the conversion price will be 100%!! Before February 15,1999 ARIAD issued B convertible shares to HMR and aside of that ARIAD must have had sufficient additional income out of this source on base of ongoing research and of services to the joint venture to comply with these articles. Please read this 8K carefully and checq the latest press releases of ARIAD and the financials over the third quarter to estimate the income of research and services in the period November 12 1998-February 15 1999. I am interested in your final conclusion!!!!!! Martin