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Gold/Mining/Energy : Inflazyme Pharmaceuticals (T.IZP) -- Ignore unavailable to you. Want to Upgrade?

To: Sean Janzen who wrote (1179)	2/10/1999 7:36:00 PM
From: Ron Kertesz	Respond to of 1501

Sean, Perhaps I came across as more negative than I am. I think this could be quite good for Inflazyme because raising money in the public markets is difficult these days. However, they are probably two to three years from Hoechst exercising their option and taking over the development of these drugs. Anything could happen in that time. If all goes well then we should see a nice appreciation in the market value of IZP. If things don't go well and the market cap falls again than you will see a large dilution upon conversion. That's my concern. Ron P.S. In retrospect I didn't ask enough about the nature of the equity investment but I was pressed for time what Jeff Bacha returned my call. I would think there is more to it than simply "at Inflazyme's discretion". Thinking about it now I think he referred to it as an equity line of credit which I interpret to mean that when they need some of the $15 million they convert an amount of it at that time and at that current price. This needs clarification.