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Biotech / Medical : Cistron Biotechnology(CIST)$.30 -- Ignore unavailable to you. Want to Upgrade?

To: Walter Morton who wrote (1926)	2/24/1999 4:05:00 PM
From: Steve Harmon	Respond to of 2742

Is Cistron's PR dept. defunct?

To: Walter Morton who wrote (1926)	2/24/1999 4:18:00 PM
From: Steve Harmon	Respond to of 2742

Is Cistron's web-page defunct?

To: Walter Morton who wrote (1926)	2/24/1999 6:49:00 PM
From: John Metcalf	Respond to of 2742

Value investors, and particularly "vulture" investors buy stocks whose asset values exceed their price. The rationale is that another company will want their assets at discount. Cistron is the only example of a company I bought based largely on asset value, and that decision included the chance that their patents will increase in value. The PMC deal represents such an opportunity, and there should be other chances. I've looked at other asset plays -- National Presto, St. Joe Paper, Allen Organ -- but didn't buy them. St. Joe worked out well; the assets increased in value when they started developing Florida land. I think that selling the reagent business is a sound decision. After nailing Immunex and Peprotech, CIST hasn't gone after other companies that may be selling their product. R&D Systems will have better resources to do so. I suspect that CIST will net more money in royalties from Techne than they would net making and selling their products.